During 18-25 May 2026, Brent crude oil prices fluctuated between $103.54 and $110.93 per barrel. On a weekly basis, oil prices dropped about 5.5% due to rising hopes that Iran and the United States would reach a diplomatic agreement. Despite this hope, prices remained above pre-conflict levels as the Strait of Hormuz stayed closed.
On Saturday, President Donald Trump announced that talks between Iran and the US had largely concluded and that the reopening of the Strait of Hormuz was part of the agreement. Energy markets have yet to react.
The bitumen markets were still under pressure of uncertainty of reopening Hormuz, supply disruptions, and the risk of renewed conflict between Iran and the US.
In Asia, bitumen markets experienced supply disruptions driven by Middle East tensions. Also, demand was weak across Southeast Asia due to rainfall. Bitumen prices in Singapore edged up by $4.5 to $560-573/t because of limited available cargo. Despite weak demand, South Korean export prices increased by $5 to $529-538/t due to limited supply and high crude prices.
In China, domestic prices rose due to tight supply, but demand remained weak during the rainy season. Import demand in East China stayed muted as domestic supply covered buyers’ demand.
In India, bitumen consumption fell sharply as elevated domestic prices made paving uneconomical for most contractors. Also, inventories were limited as tankers carrying Middle East cargoes were stuck due to the US-Iran conflict.
In the Middle East, the Strait of Hormuz stayed closed, which kept regional oil and bitumen flows disrupted. Weak Iranian export activity added pressure on bitumen producers and weakened demand for vacuum bottom (VB) feedstock.
In Africa, heavy rainfall across South Africa and West African countries weakened bitumen demand in this region. West African import cargo prices slipped slightly in line with lower HSFO values. In East Africa, drum cargo prices into Mombasa and Dar es Salaam jumped $18/t, but supply remained scarce, and importers continued searching for alternatives to Mideast sources.
