Weekly Bitumen Report: Diplomacy Is Getting Closer, but the Hormuz Strait Still Controls Oil Price and Bitumen Price

Razieh Gilani

May 21, 2026

4 minutes

Political Phase

This week, the market moved more on conflicting signals than on one clear piece of news. On one side, Tehran is reviewing the latest U.S. response, and Trump has said he can wait a few more days for the outcome. On the other side, the threat of another attack has not been removed from the table. The tense Trump-Netanyahu call over a possible agreement or the continuation of the war also shows that the gap between the political track and the military track is still serious. At the same time, the presence of Pakistan’s Interior Minister in Tehran and the transfer of Iran’s new proposal to the U.S. showed that Pakistan’s role as a mediator has become stronger, and hopes for a deal have increased.

China, Russia, and the U.S. Congress

After Trump’s trip to Beijing, the meeting between Putin and the Chinese President sent a clear message to the market: China is managing its relationship with the U.S., Russia, and the Middle East crisis at the same time. This matters for the energy market because any shift in China’s position can affect oil flows, shipping, and Asian buying behavior. Inside the U.S., domestic pressure has also increased. The Senate effort to limit new attacks on Iran moved forward, but it still does not mean Trump’s military authority has been fully blocked. At the same time, inflation pressure from energy costs and high bond yields has put more pressure on the U.S. administration.

Brent Oil Price

Brent Oil Price moved between around $105 and $112 over the past week and stood again near $105 to $106 by May 21. The reason for the pullback from the high was growing hope that a deal may be getting closer. But the reason the price did not fall sharply is the same old risk: the Hormuz Strait has not returned to normal, vessel inspections and seizures are still continuing, and the market still cannot rely on stable energy flows. In simple terms, oil took a breath, but it has not entered a calm phase yet.

Fuel Oil and Bitumen in Asia

In the product market, price pressure is still high. The latest Platts data shows that Singapore 180 CST Fuel Oil was around $730 per ton on May 19, while Persian Gulf 180 CST Fuel Oil was around $674 per ton. On the same date, Singapore Bitumen Price was around $551 per ton, and South Korea Bitumen Price was around $486 per ton. This means the Asian bitumen market has moved down from its previous highs, but it is still trading under the pressure of feedstock cost, shipping risk, and supply limitations. In China, the sharp decline in exports since mid-March and the focus on domestic supply show that the Chinese market is still moving with caution and controlled supply, not aggressive buying.

India, Europe, and the Bitumen Price Direction

In India, imported Bitumen Price is still at a high level. The latest Argus reports show West India bitumen around $665 to $670 per ton and East India around $690 to $700 per ton. This means that after the strong shocks of previous months, the Indian market has not become cheap; it is more in a phase of accepting higher prices. In Europe, the latest publications show that export prices are still high and moving between around $630 and $680 per ton. The overall direction in Europe remains supported because supply is limited, while Fuel Oil has also increased sharply.

Iran Bitumen Market

In Iran, the main issue is still the blockade of the Hormuz Strait. Export activity and trade from Iran have slowed sharply because regional tensions and the U.S. naval blockade continue to disrupt vessel movement through the Hormuz Strait. Some offers exist on paper, but these numbers are only executable on paper. That is why a professional buyer should understand that a lower price does not automatically mean a better deal. The real question is whether that price is actually shippable, deliverable, and defensible.

Razieh Gilani from Infinity Galaxy

In a market like today, giving a price is the easiest part of the work. The real responsibility starts when the customer wants to make a decision based on that price. When the Hormuz Strait, Oil Price, Fuel Oil, shipping, and politics create a new route every day, credibility is not built with a lower number alone. Credibility means the supplier knows which price is still executable, which route still carries risk, and if conditions change, stays behind the customer’s decision. The market now needs a seller who does not just respond quickly, but gives a response that is correct, reliable, and executable.