During 25-31 May 2026, Brent crude oil prices moved below $100 per barrel and fluctuated between $99.58 to $92.05 per barrel.
Oil Prices opened at $96.14 per barrel at the beginning of the week. On Tuesday, May 26, US strikes in the southern region of Iran pushed crude prices up by 4% to $99.58. Holding the ceasefire between Iran and the United States pulled crude oil prices by $5.29 to $94.29 on Wednesday. This decline trend was continued until the end of the week by growing hopes on Iran-US agreement and the potential reopening of the Strait of Hormuz.
In bitumen markets, bitumen supply and prices remained under pressure due to crude supply shortages because of Hormuz closure.
In Asia, crude supply constraints and weak production margin dampened bitumen production interest in Singapore and China. Rainy weather further weakened demand in countries such as Malaysia and China. Singapore export prices were around $555/t, and South Korean prices approximately were $530/t.
In China, weak import demand persisted in East and South China due to the rainy season and more competitive domestic prices. Limited feedstock availability also kept Chinese export activity slow.
Indian bitumen markets faced tight bulk and drum inventories as container shipments remained in the Persian Gulf.
In the Middle East, the Strait of Hormuz remained closed, and export activity stayed halted. High production costs and the inability to ship cargoes reduced producers’ interest in vacuum bottom (VB) feedstocks.
Bahrain’s bitumen prices held at $550/t, and Iraqi export activities remained stalled.
In Africa, rainfall kept the construction activities slow in West Africa. East African importers continued to face import disruptions linked to the Strait of Hormuz closure. In South Africa, stormy weather limited construction projects. Domestic truck prices across South Africa remained high due to costly imports from the eastern Mediterranean.
