During 22-28 June 2026, oil and bitumen markets experienced a sharp decline in prices due to the US-Iran peace agreement. The United States issued a sanctions waiver that allows Iran to sell crude oil and its products until 21 August. After the US and Iran signed a peace deal, the Strait of Hormuz reopened. However, at the end of the week, Iran and the US exchanged strikes, which markets have yet to respond to.
Brent crude oil prices fluctuated between $71.58 and $77.57 per barrel during the week. The average crude price was at $74.87, which is down $5.22 from the previous week.
In the bitumen markets, bitumen prices fell in most of the key export hubs due to falling crude and HSFO prices. Bitumen demand also remained mixed in various regions.
In Asia, despite the reopening of the Strait of Hormuz, feedstock supplies remained tight. But weaker oil prices limited bitumen’s upward price trend.
While Singapore export prices gained by $1 to $601-610/t because of tight feedstock supply, South Korean bitumen prices fell by $23 to $534-543/t.
In China, domestic prices fell because of calmer conditions in the energy markets. Bitumen supply remained tight as refineries have not restarted production. Expectations of increasing Iranian crude availability could eventually improve bitumen supply.
In India, the onset of the monsoon season kept the bitumen consumption weak. Selling prices of imported cargoes fell after the reopening of the Strait of Hormuz.
In the Middle East, although the Strait of Hormuz has reopened, trade activity remained limited as vessel owners prioritized completing deliveries of cargoes purchased before the conflict. Bahrain’s bitumen prices stayed at $550/t.
In Africa, import bitumen prices into West Africa fell by $38/t due to a decline in HSFO prices this week. Iranian bitumen export prices into East African ports such as Mombasa and Dar es Salaam declined by $23/t. In South Africa, domestic prices remained stable, but the arrival of cargoes at Durban could push prices lower over the winter months.
