Weekly Bitumen Report: Trump’s China Trip as the Hormuz Strait Remains the Main Pressure Point for Oil Price and Bitumen Price

Political Phase

As of May 14, 2026, the biggest market shift is that diplomacy is neither dead nor reliable. Trump has rejected Iran’s latest proposal, described the ceasefire as being “on life support,” and said he does not need China’s help to deal with the war. For the market, the message is clear: the risk of renewed conflict has moved higher again, while the diplomatic track is still far from a durable settlement.

China, the United States, and the Hormuz Strait

Trump’s May 13 trip to Beijing was less a routine diplomatic visit and more a high-level crisis meeting focused on war, energy security, and trade flows. Washington wants Beijing to pressure Tehran, even while Trump publicly says he does not need China’s help. At the same time, the United States and China have both opposed any attempt to impose transit fees in the Hormuz Strait, but that shared position has still not restored normal shipping. For much of the market, the Hormuz Strait remains operationally restricted and highly risky. Reported estimates this month suggested that more than 1,500 vessels and crews were still stuck or waiting around the Strait of Hormuz because of the blockage.

Brent Oil Price

On Brent, the broader picture is still bullish but unstable. Unlike the previous week, the upside accelerated again, with Brent moving back into roughly the $100-$114 range and trading near $106 on Thursday, May 14. The reason is straightforward: the market is still pricing in the effective closure of the Hormuz Strait, weaker global supply, and the risk that political talks fail again. OPEC has already lowered its 2026 oil demand growth forecast and confirmed that production was hit by the disruption linked to the Hormuz Strait.

Fuel Oil and Bitumen in Asia

In the latest product market assessments, fuel oil in both Singapore and the Persian Gulf traded higher again than at the start of last week. Singapore HSFO 180 moved from about $645/mt on May 8 to about $691/mt on May 13, while Persian Gulf HSFO 180 rose from about $607/mt to around $630/mt. But in bitumen itself, the latest market readings still show Singapore around $552-$564/mt and South Korea around $512-$530/mt. In other words, stronger fuel oil is not yet translating into a parallel rise in Bitumen Price, because weak East Asia demand is still capping the market.

China and India Bitumen

In China, prices moved up in the latest market review versus the prior week, but demand is still not broad-based or aggressive. Rain, elevated prices, and financing pressure are keeping most purchases limited to immediate needs. In India, the market has not pulled back in any meaningful way, but it is no longer in the panic phase seen last month. Domestic Indian bitumen prices are still at very high levels versus previous months, which means the market has not truly corrected. It has simply shifted from shock pricing into acceptance of higher price levels.

Europe Bitumen

In Europe, the trend is still firmer than in Asia. The latest export range across Europe is roughly $620-$660/mt. The simple conclusion is that Europe is still not a weak or cheap market. Activity may be limited, but export prices remain elevated.

Iran Bitumen

In Iran, the issue is still not just price. The real variables are execution risk and the unresolved question of whether the Hormuz Strait will reopen in a practical way. At the same time, non-executable offers are being circulated in Iran’s name from some neighboring countries, even though no serious feasibility check has been done on whether cargo can actually be delivered at the quoted price and on the stated terms. That creates more confusion for buyers. In this market, a number on paper does not automatically become an executable deal.

Razieh Gilani from Infinity Galaxy

In a market like this, being professional is not just about sending a price faster. It means knowing which price is still real, which supply is still dependable, and how to stay available when conditions change every day. Right now, the gap between an attractive number and an executable commitment is wider than at any other point in recent months. Real value is created where pricing, credibility, and responsiveness come together, not where a lower number is simply pushed across a screen.