Weekly Bitumen Report: The Strait of Hormuz Has Still Not Reopened, An Unprecedented Jump in India’s Bitumen Prices

As of April 2, the war has neither stopped nor has any side been able to impose an ultimate outcome. As a result, the energy and bitumen markets no longer see this crisis as a short-term shock, but as a lasting risk. The Strait of Hormuz has also still not returned to normal conditions, and this continues to keep uncertainty around shipping, insurance, delivery time, and final cost at a high level.


In the oil market, despite some price corrections, the overall price level remains high, and the scenario of further disruption in April is still on the table. For April, the base scenario is still oil fluctuating in the range of $100 to $125, but if disruption in Hormuz continues or pressure on infrastructure increases, much higher price scenarios have not been ruled out by the market.


The Latest Global Situation in Fuel Oil and Bitumen:

In the latest assessments, the market is still trading at elevated levels. On March 31, Singapore HSFO 180 was around $699 per ton and Persian Gulf HSFO 180 was around $635 per ton. On the same day, Singapore bitumen was traded at $642 per ton, while South Korea bitumen was traded at $620 per ton.
India has also sent an important signal to the market. From April 1, 2026, Indian refineries raised bitumen prices at an unprecedented level, with VG30 increasing by around $147 and VG40 increasing by around $169. This increase shows that market pressure is still real, and the main regional players do not expect a rapid decline in prices.


In Iran, the issue is not only the price. The market is simultaneously facing war risk, cargo transport limitations, weak operations at Bandar Abbas, security concerns, and disruption in the supply chain. For this reason, for a professional buyer, the main question is no longer only who offers the lower price. The real question is who can actually supply, manage, and deliver the cargo.


Razieh Gilani from Infinity Galaxy:

Under the current wartime conditions in the Middle East, the biggest risk in the market is that some sellers are still making offers while they do not even have a clear picture of the real situation inside Iran, the loading pace, port risk, vessel status, or the actual ability to perform. On paper, many can give a price. But when it comes to execution, that same offer may turn into delay, extra cost, revised payment terms, or even non-delivery for the buyer.
If your purchase is not urgent, waiting until the situation becomes clearer may be the wiser decision. But if your requirement is urgent, you should work with a supplier who does not only provide a quotation but also has real visibility on the situation inside Iran, operational access, and the ability to execute the order.