Weekly Bitumen Report: Brent Oil Price Above $115, While the Strait of Hormuz Remains the Key Pressure Point for Bitumen Prices

Political Phase and Oil Price

As of 30 April 2026, the main shift this week was neither war nor peace, but a deeper strategic deadlock. Rather than easing pressure, the Trump administration has moved forward with the continued naval blockade of Iran and at the same time has been working to build a new maritime coalition focused on shipping security in the Strait of Hormuz. As a result, the market no longer sees temporary ceasefire extensions as a sign of lasting stability. At the same time, traffic through the Strait of Hormuz has still not returned to normal, and recent reports indicate that vessel movement has fallen to only a limited number of transits per day. That shows both Iranian restrictions and U.S. naval pressure are still active in practice.

On the Lebanon-Israel front, the ceasefire has been extended for another three weeks, but it remains fragile and continues to be accompanied by scattered attacks, leaving regional risk clearly elevated.

This uncertainty has fed directly into the Oil Price. Over the past week, Brent Crude Oil Price moved in a range of roughly $103 to $126 per barrel as the highest level, and later it was observed at lower prices. The market priced in three things at once: the prospect of a prolonged blockade, reports that Washington is still reviewing military options, and the reality that the Strait of Hormuz is still not a reliable route for normal energy flows. The impact of the war is no longer limited to crude oil. Pressure on the global economy is now much clearer. The risk of global stagflation has increased, fuel and fertilizer prices have remained high, and concerns over food security have become more serious, especially for import-dependent economies. In the latest developments, Washington’s operational priority has been maritime pressure on Iranian ports and trade routes rather than the headline effect of simply moving another aircraft carrier into the region.

Latest Fuel Oil and Bitumen Price Update

In the Fuel Oil market, end-April data shows that Singapore HSFO 180 climbed back to around $690 per ton, while Persian Gulf HSFO 180 rose to around $624 per ton. This means the oil products market has reclaimed part of the war-risk premium after the mid-April retreat.

In Bitumen Price, the regional picture remains mixed but still elevated. The latest weekly assessment shows Singapore bitumen at around $598–608 per ton and South Korea bitumen at around $556–566 per ton. At the daily end-of-month level, Singapore moved down closer to $580 per ton and South Korea toward $510 per ton, which confirms that the market is still highly volatile and regional buyers are acting with full caution. In China, demand is present but buying remains slow. High costs, rainfall, and purchases limited to urgent requirements have prevented a broader buying wave, and in both south and east China many buyers are drawing from existing tank inventory rather than stepping into aggressive spot buying. In India, the market is still absorbing the impact of the two major April increases, and the domestic market continues to operate with heavy prices and a shortage mindset. In Europe, exports have not dropped materially and continue to move mainly in a range of roughly $564 to $589 per ton, which suggests the market has entered a phase of high but stable bitumen prices.

In Iran, the issue is still not only the number on paper. The main obstacle remains the U.S. naval blockade and the continued effective closure of the Strait of Hormuz for most exporters and importers. Buyer resistance has risen sharply, with many buyers now seeking stronger assurances of cargo receipt or linking their purchase decisions to the actual reopening of the Strait of Hormuz. Export operations are still facing real barriers. That is exactly where the difference between an attractive offer and an executable offer becomes clear. Delivery timing is uncertain, prices remain high, and less-informed buyers can easily run into serious trouble.

Razieh Gilani from Infinity Galaxy:

In a market like this, the main mistake is to assume that the first or the lowest number you receive is automatically the best one. Today, real value sits in three things: the right price, real credibility, and real presence. A seller who does not see the market every day may still issue a quotation, but may not be able to turn that same price into real shipping, real timing, and real delivery. In a market where Oil Price, Bitumen Price, and the Strait of Hormuz can change the equation every single day, the winner is not the one who simply offers the cheapest number. The winner is the one who remains responsive when conditions shift, does not hide the reality, and can turn a customer’s decision into an executable transaction. That is where the line between a display price and a reliable price becomes visible.