NEW DELHI, June 2 (Reuters) - Naphtha prices in Asia fell to their lowest levels since early March as Abu Dhabi National Oil Company (ADNOC) resumed exports in May via Oman's Sohar port, an alternative route that would ease a supply crunch caused by the U.S.-Israeli war on Iran, traders said.

In April, ADNOC halted exports of about one million tons per month of petrochemical feedstock from its Ruwais refinery after the outbreak of war restricted shipping through the Strait of Hormuz.

The UAE-based producer resumed exports last month by deploying ships to transport shipments from the refinery within the Gulf and then to other tankers at the port of Sohar for export to Asia.

This solution developed by ADNOC provides an alternative supply route for buyers who are hesitant to risk ships passing through the strait, allowing more petroleum products to reach Asia.

Shipping data from traders showed that two tankers of this type, the Minerva Bases and the Torm Gwyneth, loaded naphtha from ADNOC-controlled vessels on approximately May 30 from Sohar and were heading to Asia.

Traders said more tankers may have loaded naphtha from ADNOC via Sohar, but shipping data does not show all vessel movements.

An ADNOC spokesperson said, "Our general policy prevents us from commenting on the locations, movements, or routes of our vessels."

* Naphtha prices fall

Naphtha prices in Asia rose to an unprecedented $1,300 per ton, and refining margins also climbed to an unprecedented $467 per ton above the price of Brent crude in March after the war curtailed supplies from the Gulf, a region from which Asia obtains more than half of its imports.

Today, the price of naphtha in Asia for delivery in the second half of July fell to $788 per ton, while the margin declined to about $84 per ton.

Naphtha prices are also under pressure due to declining demand after inadequate feedstock supplies led to widespread production cuts and force majeure at petrochemical complexes in Asia.

The International Energy Agency expects global demand for naphtha to fall by 80,000 barrels per day to 7.136 million barrels per day this year.

One trader based in India ruled out a return of naphtha prices to the peak levels recorded in March because demand is already weak and the supply cuts from the Gulf are not expected to continue.