During 13-19 July 2026, tensions between the United States and Iran escalated sharply. This led to significant disruptions in the Strait of Hormuz and drove volatility in global oil markets. As a result, Brent crude oil prices reached a range of $83.30–88.10 per barrel.
The Strait of Hormuz experienced a decline in commercial vessel traffic due to heightened security risks. The United States reinstated its naval blockade of Iranian ports, while Iran resumed attacks on commercial shipping. These developments disrupted regional trade and increased uncertainty across energy markets.
In the bitumen market, shipping risks became the primary factor influencing prices. Higher freight rates, increased war-risk insurance premiums, and a shortage of available vessels pushed up delivered bitumen costs. At the same time, unfavorable weather conditions across parts of Asia and Africa continued to suppress demand.
Across Asia, seasonal monsoon rains kept bitumen demand subdued in several markets, including Malaysia, Vietnam, and India, where road paving activity was restricted by unfavorable weather. In Singapore, bitumen prices increased in line with the rise in crude oil prices.
In China, demand remained weak during the rainy season, with limited buying interest. In India, market activity was mixed. Southern and eastern regions remained quiet due to monsoon conditions, while western and northern markets recorded relatively stronger activity. Despite this regional variation, weak domestic demand declined prices by approximately $80/t.
In the Middle East, the renewed disruption to shipping through the Persian Gulf limited regional bitumen supply. Bahrain’s seaborne bitumen prices stayed stable at $550/t. In Iraq, trading activity in the southern regions was limited as higher freight costs reduced demand and discouraged purchasing.
Across Africa, construction activity remained low due to unfavorable weather conditions in West and South Africa, while importers in East Africa continued to face challenges in importing bitumen from the Middle East. Rising HSFO and crude oil prices added further pressure to import costs.
