During 16-22 February 2026, Brent crude oil prices moved above $70/bl due to rising geopolitical risks and the increasing possibility of US military action in the Middle East. On average, the crude prices rose by $0.92/bl to the range of $67.18-71.53/bl.
Despite the stronger crude values, the global bitumen market experienced lower bitumen prices in most regions.
In the Asian bitumen market, demand remained generally weak due to the lunar New Year holidays and the onset of Ramadan, which weakened the construction activity and buying interest.
Singapore export prices remained unchanged in $355-365/t, and South Korean prices fell by $5/t to $365-370/t due to muted market amid Chinese New Year holidays.
The Chinese bitumen market was muted amid the holiday period. Domestic bitumen prices in Shandong were stable at $463-469/t, but rose by $1/t at East China to $436-456/t and South China to $414-417/t. This increase was mainly because of the limited feedstock availability.
In India, bitumen consumption was low due to funding delays. Domestic refiners increased the prices for VG30 and VG40 cargoes due to higher crude prices.
In the Middle East, geopolitical tensions, especially the potential US military attacks, continued to weigh on bitumen prices. Weak demand from China and Southeast Asia further pressured prices. These factors led bulk export prices to fall by $1.34/t to $297.33-305/t.
Bahrain’s listed bitumen prices remained unchanged at $550/t, as export activity was still muted. In contrast, Iraqi export prices continued their upward trend due to higher fuel oil prices and tighter feedstock supply.
In Africa, West Africa was the most active market, with import prices remaining unchanged. In East Africa, import prices into ports such as Mombasa and Dar es Salaam declined by around $12/t due to lower Middle East export prices and weaker freight rates. In South Africa, while lower rainfall levels supported the paving projects, the import volumes to South Africa were higher than domestic demand.
