Bitumen Market Overview 16 June 2025

Crude Oil Market News

At midnight on Friday, June 13, Israel launched a direct military assault on Iran, firing missiles at hundreds of targets across the country. The strikes led to numerous casualties among both civilians and military and political figures. As a result, Brent crude oil prices surged above $72/barrel in just a few hours.

Israel attacked several cities in Iran, and Iran responded to Israel with drone and missile attacks in retaliation. The planned Iran-US talks in Oman on June 15 are now uncertain due to the recent clashes. Following the escalation of tensions, the value of the US dollar increased, and oil prices surged by 10%. The worsening tensions in the Middle East have overshadowed global news.

Golbal Bitumen Market Updates

Following Israel attacks on Iran, bitumen prices fluctuated significantly. Prices in northwest Europe slightly declined, while the Mediterranean saw a jump to increases driven by rising crude oil prices. Bitumen prices to West Africa rose, but Iran-Iraq exports declined due to weaker demand and slower trade. Singapore’s prices edged up amid easing supply pressures and regional tensions, whereas Iran’s bulk prices faced downward pressure.

Middle Est Market Overview

Iran: Bulk prices in Iran came under pressure due to weak demand from South Asia. Increased uncertainty around US-Iran nuclear talks, the recent Israeli attack on Iran, and currency fluctuations led to reduced trading activity. Bulk prices have been declining over the past month, but sellers were reluctant to lower prices further due to limited supply and rising crude oil costs. Many suppliers halted offers toward the end of the week because of holidays and political unrest.

In Bahrain, seaborne export prices remained steady at $400 per ton FOB Sitra and in Iraq, Bitumen prices were stable.

East Asia Market Overview

Bitumen export prices in Singapore rose slightly due to the Middle East tensions. Most refineries sold out July volumes, holding or raising prices, with offers ranging from $400 to $405/t FOB Singapore. In Malaysia, bitumen consumption was low due to the holidays and demand remained weak.

In Indonesia, demand showed early signs of a growth as importers received contractor inquiries. In Thailand, many weather-disrupted paving, in Vietnam, demand stayed moderated and stable. Short-term, but southern and central regions may face pressure from the June monsoon.

In China, demand was stronger in northern China with tight supply supporting prices, while eastern and southern China saw slower sales and rising inventories due to rain.

Africa Market Overview

Prices for imported bitumen cargoes saw a significant increase due to a sharp rise in Brent crude following recent attacks. Import prices for bitumen from the Gulf region declined slightly, reflecting reduced demand for Iranian bitumen from the Middle East. Iranian bulk bitumen export prices fell by $5 per ton, while drummed bitumen export prices dropped by $2.50 per ton FOB BND.