Cryptic crossword clue
Special rubber ring’s new English hydrocarbon 7

The most common and most likely answer to this crossword clue is the 7 letter word STYRENE

I've seen this crossword clue in Financial Times
S
T
Y
R
E
N
E

Buddy explains!

The straight part
We know that "hydrocarbon" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case hydrocarbon = styrene.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does STYRENE mean?

STYRENE noun
  1. An aromatic hydrocarbon; a colourless, oily liquid, used in the manufacture of polymers such as polystyrene.

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