During 6-12 July 2026, Brent crude oil prices rose by $3.7 per barrel on average to the range of $72.21-79.6/bl. This increase was the response of oil markets to renewed strikes between Iran and the United States and a sharp drop in transit through the Strait of Hormuz. Prices rose further after the US reinstated sanctions on Iranian oil exports on 7 July. These developments raised geopolitical risk premiums, which also pushed up fuel oil prices.
In bitumen markets, the stronger crude values lifted bitumen prices across most export markets, although demand remained mixed across regions and was largely influenced by weather conditions.
In Asia, Southeast Asian demand remained soft due to the monsoon season, while tight supply supported export prices. Singapore FOB prices increased by $6.5 to $605–615/t due to tight supply. In contrast, South Korean bitumen prices fell by $8 to $515-529/t after a refinery awarded its August export tender at lower levels.
In China, the bitumen market experienced weaker demand because of heavy rainfall, typhoons, and reduced paving activity. In India, the arrival of the monsoon season slowed construction activity and kept bitumen consumption low.
The Middle East markets remained heavily affected by geopolitical risks. The renewed conflict between Iran and the United States, combined with the reinstatement of US sanctions on Iranian oil exports, caused a sharp drop in traffic through the Strait of Hormuz. Supply remained limited in this region, and bitumen prices rose by $5/t.
In Africa, rainy weather in West Africa and winter in South Africa kept the paving activity at low levels. Import prices into West African countries rose in line with increasing crude and HSFO prices. East African countries faced limited supply because of difficulties in importing bitumen from the Middle East. In South Africa, despite shipping disruptions in the Middle East, domestic prices remained stable.
