During 1-7 June 2026, Brent crude oil prices fluctuated between $92.78 and $98.90 per barrel. For the second consecutive week, crude prices remained under $100 per barrel.
Expectations of a potential agreement and a gradual reopening of the Strait of Hormuz helped keep oil prices below $100 per barrel. However, new military exchanges between Iran and the United States, along with continued naval disruptions to oil flows, prevented a sharper price decline and kept oil prices at high levels.
In global bitumen markets, bitumen prices continued to reflect the effects of crude oil supply disruption caused by ongoing tensions in the Strait of Hormuz.
In Asia, weak bitumen production margins led producers to reduce output and keep supply tight. Asian bitumen markets remained caught between downward price correction and limited available supply. Singapore export prices were around $555/t, while South Korean bitumen was priced at approximately $490/t.
In China, import demand stayed weak in eastern regions because rainfall slowed construction and infrastructure activities.
In Indian markets, bitumen prices remained at higher levels overall. While supply difficulties linked to the Persian Gulf conflict had not fully resolved, the upward pressure on prices began to ease. After an increasing price trend through most of May, refiners reduced prices by around $11/t from the start of June.
In the Middle East, the closure of the Strait of Hormuz continued to discourage bitumen production. Demand for vacuum-bottom feedstock remained weak, and export activity from regional producers, such as Iran and Iraq, remained slow.
In Africa, heavy rainfall across parts of West Africa reduced road paving activity. East African buyers continued to face supply disruption from the Middle East. In South Africa, domestic bitumen prices declined and tracked the drop in export prices from Mediterranean suppliers.
