During 2-9 February 2026, Brent crude oil prices declined by $1.15/bl on average to $66.19-68.54/bl compared to the previous week. The decline came despite ongoing geopolitical tensions in the Middle East, where diplomatic talks in Oman on February 6 aimed to ease the tensions.
The weaker crude prices put downward pressure on bitumen markets, although regional bitumen price trends were mixed depending on demand and supply conditions.
In Asia, Singapore export prices fell by $1/t to $357-369/t due to weak demand from Southeast Asia ahead of the Lunar New Year holidays. In contrast, South Korean export prices fell earlier in the week due to lower crude values but rose by $8.5/t to $366–375/t in the second half of the week after the conclusion of a term tender.
In China, domestic prices were largely unchanged, but demand remained weak due to winter weather and the holiday slowdown. Import interest improved slightly toward the end of the week as South Korean prices moved higher.
In India, bitumen demand remained firm due to hot and dry weather conditions and ongoing road construction projects. Import demand for bulk cargoes was strong, but buying was limited by tight availability. At the same time, high inventories of drummed bitumen continued to weigh on import interest for drums.
In the Middle East, trading activity slowed amid growing geopolitical tensions, and bitumen markets remained cautious ahead of diplomatic talks in Oman. Despite this quiet trade, bulk export prices edged up by $1/t to $296–310/t due to tight supply.
Bahrain’s listed prices were revised for the first time in several months to $550/t, although export activity remained suspended. Iraqi export prices continued to rise due to tight feedstock availability and strong demand from India and Africa.
African bitumen markets were steady overall. Road construction activity remained strong in Kenya, Uganda, and Nigeria, which supported bitumen requirements. While West African import prices were stable, the East African market saw higher import prices for Middle Eastern cargoes. In South Africa, bitumen prices stayed stable due to strong competition among suppliers and ample imported volumes.
