Weekly Bitumen Report: Fragile Ceasefire, Semi-Closed Strait of Hormuz; Bitumen Market Remained at Elevated Levels

As of 9 April 2026, the most important development this week was not the end of the war, but the entry of the crisis into a temporary and fragile pause. After several days of mutual threats and rising risk of direct attacks on Iranian infrastructure, the United States, Iran, and Israel moved into a two-week ceasefire, reached with the role of Pakistan, and intended to open a window for negotiations. Even so, no side is in a position of clear victory, and the overall news flow shows that this ceasefire is more of an emergency brake than a durable peace. Iran is entering talks cautiously, the US is still holding to its heavy demands, and Israel has effectively kept the Lebanon front outside the scope of de-escalation.

Regarding the Strait of Hormuz, the key point is that the market does not treat it as “open.” After the ceasefire was announced, there was talk of a temporary reopening and safe passage, and a few vessels transited with coordination from Iran. But it quickly became clear that free and normal passage was not in place. The requirement for coordination with Iranian forces, uncertainty over tolls, fresh warnings from Tehran, and hesitation from major shipping companies have effectively turned the Strait of Hormuz from full closure into a limited, controlled, and unstable corridor. From the market’s point of view, that still means high risk, not a return to normal conditions.

In the oil market, this week followed a clear two-step pattern. The weekly average for Brent for the week ending 2 April was around $111, then with the announcement of the two-week ceasefire and hopes of easing tensions, prices fell to around $92 by 8 April. But that decline did not hold, and by 9 April Brent had moved back to around $97. The reason was simple: the market quickly understood that the ceasefire remains fragile, the Strait of Hormuz is still far from normal, and the risk of disruption to energy flows is still very much alive. The same caution was seen in fuel oil. On 7 April, Singapore HSFO 180 was around $730/MT and Persian Gulf HSFO 180 was around $661/MT. In other words, even with lowered war risk in crude oil market, the products market remained elevated, and traders were not prepared to assume that regional risk was over.

In the bitumen market, prices also remained elevated even after the ceasefire announcement, showing that the market still sees no real reason for a fast decline. Over the past week, Singapore bitumen traded in the range of around $668–679/MT, while South Korea bitumen stayed around $560–570/MT. At the same time, despite the continued closure of the Strait of Hormuz, Bahrain bitumen remained flat at $550/MT, which may be linked to the lack of real export flow and the absence of smooth shipping activity. In India, the market is still active, and despite the unprecedented price increases seen in April 2026, demand is still present. In Europe, prices have also moved above $600/MT. For example, Turkey was around $623–643/ MT, Italy around $623–643/ MT, Spain around $618–638/ MT, Greece around $628–648/ MT, and Rotterdam around $645–665/ MT. Altogether, these signals show that even with the ceasefire, the global bitumen market is still operating in a high-risk environment with limited supply and firm prices.

For Iran, as in previous weeks, the issue is not only price, but execution capability. Even with the ceasefire announcement, the market is still facing port limitations, vessel owner hesitation, insurance risk, restricted movement through the Strait of Hormuz, and operational disruption. So at this stage, a low quoted price by itself is not an advantage. The real value for a buyer is true visibility on market conditions inside Iran, operational access, and the actual ability to perform. The market is still dealing with a gap between a “ceasefire on paper” and a “real return of operations”.

Razieh Gilani from Infinity Galaxy:
In these conditions, a professional buyer needs to be more careful than ever about making the wrong purchase. Right now, many sellers may still be giving offers simply because a ceasefire has been announced and, from the outside, the environment looks calmer. But the reality is that shipping, port conditions, vessel availability, insurance, and execution are still far from normal. That is why the difference between a good offer and a dangerous one comes down more than ever to execution capability. If your purchase is not urgent, waiting a few more days and watching the market closely may be the smarter decision. But if your requirement is urgent, then you should work with a supplier who does not only give a price, but can actually manage and deliver cargo in this half-open, half-restricted environment.