During the week of 4–10 May 2026, Brent crude oil prices moved between $100 and $115 per barrel, which on average were lower than the previous week. Global oil markets were mainly affected by military clashes in the Strait of Hormuz and growing hopes for an Iran-US agreement.
At the beginning of the week, Brent prices rose to around $115 per barrel after new military clashes between US and Iranian forces near the Strait of Hormuz.
The US started “Operation Project Freedom” to help commercial ships exit the Persian Gulf, while Iran warned that ships could be stopped by force. This increased fears of a major oil supply disruption and pushed crude prices higher.
In the middle of the week, oil markets focused more on diplomacy. Reports said negotiations between the US and Iran were making progress, and President Donald Trump spoke about a possible quick end to the war. As hopes for calmer conditions increased, oil prices dropped from around $115 toward $100 per barrel.
However, tensions did not fully ease. On 7–8 May, US and Iranian forces exchanged fire again near the Strait of Hormuz. Continued attacks on commercial shipping and security risks in the Gulf reminded oil markets that the ceasefire was fragile. By the end of the week, Brent crude partially recovered and closed the week near $101 per barrel.
In the bitumen markets, prices fell more slowly than crude oil. In Asia, weaker demand and improved supply conditions pushed prices slightly lower. Bitumen prices in Singapore were around $555 per ton, while in South Korea they were around $495 per ton.
In the Middle East, the Strait of Hormuz crisis continued to limit Iranian bitumen exports. As a result, bitumen markets in countries dependent on Iranian bitumen, including India, Kenya, and South Africa, continued to face supply uncertainty.
