Between 29 June and 6 July 2026, Brent crude oil prices fluctuated in a narrow range of $71.57-73.15 per barrel.
Oil prices reached the levels they were at before the Middle East conflict began. That’s largely due to progress in talks between the United States and Iran and increased ship movements through the Strait of Hormuz. The war premium has mostly been removed from the prices at this point, but energy markets are still waiting for shipping to return to normal.
In bitumen markets, bitumen prices followed the decline in oil prices with a delay, because there is still uncertainty around shipping in the Persian Gulf and vessel availability.
In Asia, bitumen supply recovery remained unclear. Feedstock tightness over recent months caused many producers to cut or decrease bitumen output. This kept the bitumen supply tight in key export hubs such as Singapore.
In China, bitumen prices in East China were in the range of $560-580/t, while prices in South China were around $600-640/t. Import interest in South China remained weak because of high seaborne prices rather than lower domestic prices.
In India, bitumen demand was weak due to the start of monsoon rains in some regions, while in other regions, consumption stayed strong as contractors tried to finish construction projects before rainfall started. Also, cargoes bought before the war started are moving toward India.
In the Middle East, increased ship movements through the Strait of Hormuz suggested a recovery in bitumen supply from the region, but shipping risks continued to weigh on bitumen markets. In Bahrain, seaborne prices remained unchanged at $550/t.
In Africa, rainfall in West African countries and winter conditions in South Africa kept construction activity at a low level. East African demand, by contrast, was strong, and cargoes continued to move from the Middle East to East African ports.
