The conflict, which began in late February, has severely disrupted shipping through the Strait of Hormuz, a major international trade route. The energy sector was among the first to be hit, affecting oil, gas and kerosene supplies, Anadolu agency reported.
The impact has since spread to other industries, including manufacturers that rely on plastic packaging.
In Europe, 43.3 million metric tons of plastic are used each year. One of the key raw materials used to make many plastics is naphtha, a product derived from oil refining.
The price of a metric ton of naphtha rose from about $500 in January to $800 in March, an increase of nearly 60%.
French companies said between 20% and 40% of their suppliers were expected to demand higher prices as a result.
The rising cost of plastic has put pressure on everyday products sold in plastic packaging, including bottled water and yogurt.
Packaging can account for up to 10% of the price of a bottle of water. As a result, consumers were expected to see the cost of a pack of bottled water rise by a few cents.
That increase has now begun to materialize, adding bottled water to the growing list of consumer products affected by the conflict.
The disruption has also affected other raw materials, including rubber, silicone and packaging materials, leading to shortages and higher prices.