Weekly Bitumen Report: Bitumen Prices Surge Amid Middle East Tensions

During the last week, America sent the first series of high-altitude anti-missile systems, THAAD, to Israel. At the same time, Israel continued its military attacks against Lebanon and Gaza and kept threatening Iran with a retaliatory attack.

On the other hand, Iran’s Minister of Foreign Affairs is holding his diplomatic tour to negotiate with the neighboring countries about the recent events in the Middle East with the purpose of tension reduction in the region.

The recent polling in America was carried out by ABC News channel. According to the obtained results, Kamala Harris is leading Donald Trump in the polls with 49% of the votes compared to Trump’s 46%.

On October 17, while the crude oil price was around $74, the price of each ounce of gold exceeded the $2600 range. On October 14, Citibank increased its bull case scenario for oil prices for this quarter and the next one and noted the possibility of more tension in the Middle East. This American bank predicts that if the tension gets more escalated, brent crude oil prices might reach $120 per barrel.

On Thursday, Singapore 180CST reached $450. Bitumen prices in Singapore and South Korea settled at $489 and $440, respectively.

The bitumen price of Bahrain is still being traded at a fixed price of $395.

With some surges in European bitumen prices, the range of prices reached $475-520 again.

On October 15, the bitumen price in India increased by $26, the highest increase in the last six months.

Considering the numerous logistic issues in Iran and the shortage of vacuum bottom, the refineries competed for vacuum bottom over 26%, and bitumen prices in Iran rose significantly.

To check the latest bitumen prices at different destinations, check Infinity Galaxy website: https://infinitygalaxy.org/bitumen-price-today/.

This article was prepared by Razieh Gilani, the export manager of Infinity Galaxy.