During 8-14 June 2026, Brent crude oil prices fluctuated between $87.33 and $94.25 per barrel. Despite some exchange of strikes between Iran, the United States, Israel, and Lebanon, Brent crude oil prices fell 6% on a weekly basis and settled at $87.33 by Friday.
The main reason for the decline in crude prices was the news of progress in negotiations between Iran and the United States. Reports at the end of the week mentioned that a deal will be signed in the coming days.
The Strait of Hormuz, which has played an important role in oil and bitumen markets over the past three months, remained a source of uncertainty during the second week of June 2026. Iran announced the Strait was closed following the latest US strikes, while the United States claimed that commercial vessels continued to transit under military escort. Regardless of which news is closer to reality, shipping through the Strait has not returned to pre-war levels.
In bitumen markets, bitumen supply and prices across most regions were under pressure due to the crisis in the Middle East. Higher freight costs, limited shipping, and uncertainty in delivery timelines continued to affect markets.
In Asia, bitumen prices in most export hubs remained elevated because of limited supply availability. Singapore export prices were in the range of $585-590/t, while South Korean bitumen prices were around $555/t. Import demand from Southeast Asian markets, such as Vietnam and Indonesia, remained weak.
In China, rainy weather and limited available crude kept the bitumen markets slow. In India, constrained crude feedstock availability prevented bitumen producers from increasing bitumen output, which kept domestic supply tight and prices elevated.
In the Middle East, bitumen export activity remained disrupted by uncertainty in the Strait of Hormuz and ongoing tensions across the Persian Gulf.
In Africa, West African import prices fell due to lower crude oil and Mediterranean HSFO prices. In East Africa, bitumen supply continued to be limited because of disruptions in the Middle East Gulf exports. In South Africa, domestic bitumen truck prices stayed stable.
