From April 27 to May 3, 2026, Brent crude oil prices increased sharply to the range of $103 and $126 per barrel. The rise was mainly driven by ongoing geopolitical uncertainty in the Middle East, especially the continued disruption in the Strait of Hormuz.
The Strait remained the key factor affecting both oil and bitumen markets. As of early May, there was no meaningful progress toward reopening it.
The closure, now approaching two months, has created a significant supply gap in global markets. Even the release of strategic oil reserves by some countries has not been enough to fill the lost supply. As a result, crude prices followed a strong upward trend for most of the week.
Crude prices peaked on Wednesday after the US mentioned it was prepared to extend the blockade of Iranian ports. However, on Friday, Brent fell below $108 per barrel after Iran sent a new peace proposal. This news raised expectations of a possible agreement between Iran and the US.
In the bitumen market, demand remained relatively strong, but buyers were cautious and adopted a wait-and-see approach due to ongoing supply disruptions. Trading activity was limited due to delivery risks and logistical uncertainties in the Middle East.
Bitumen shortages linked to the conflict in West Asia continued to affect road construction and maintenance projects in countries such as India and Kenya.
Higher oil prices supported bitumen markets across most regions. Singapore bitumen prices fell to around $602 per ton, while South Korean prices rose to approximately $561 per ton.
