During 15-21 June 2026, Brent crude oil prices fell below $85 per barrel and fluctuated between $78.96 and $83.17 due to a temporary ceasefire between Iran and the United States.
Iran and the US signed a memorandum of understanding (MoU) to end the conflict. On Wednesday, Brent fell to its lowest level since March 2, but after doubts emerged over the deal’s durability and Trump said the war against Iran could resume, oil prices recovered for the rest of the week and closed at $80.57 by Friday.
Regarding the Strait of Hormuz, President Trump ordered an end to the US naval blockade against Iran early in the week and said the strait would reopen toll-free. The US and Iran then signed the MoU, with Iran agreeing to allow free passage for 60 days. However, after Israeli strikes on Lebanon, Iran announced it had closed the strait again at the end of the week.
In Asian bitumen markets, the onset of the monsoon season in countries like Vietnam and Malaysia disrupted road paving projects and kept bitumen demand weak. In China, bitumen producers kept output at minimum levels due to a weak margin. In Indian markets, supply remained tight, which lifted domestic bitumen prices for VG30 and VG40 to higher levels.
In the Middle East, Iran’s export activity was slow because of the situation in the Strait. Bahrain’s listed bitumen prices held steady at $550/t, with seaborne exports muted on weak demand. In Iraq, export activity remained subdued, with Kurdish producers focusing on flows to Turkey and the CIS instead.
In Africa, the early start of the rainy season in West African countries like Nigeria led to weaker import demand. In East Africa, road paving activity and bitumen requirements rose, but supply stayed tight because of restricted flows from the Persian Gulf. In Southern Africa, starting the winter led to lower activity and softer bitumen demand.
