Weekly Bitumen Report: Slight Rise in Oil Prices and Continuous Rise of Iran and India

On March 18, a few hours after the phone conversation between the presidents of Russia and America, the airstrikes between Ukraine and Russia were launched, causing urban infrastructure damage for both parties. According to Zelensky, Russia attacked a hospital. He stated that Putin refused the full ceasefire in his talks with Trump.

After an almost 2-month ceasefire between Israel and Hamas in the Middle East, at least 13 people were killed in the recent air attacks of Israel to Gaza. The attacks started once Israel announced that they would restart their “war operations”.

At the same time, on Sunday, March 16, the White House announced extensive and heavy attacks by the United States on Houthi positions in Yemen, claiming that several Houthi officials were killed during these attacks.

On the same day, Marco Rubio, the U.S. Secretary of State, told CBS News that U.S. attacks in Yemen would continue until the Houthis no longer could attack global shipping and the U.S. Navy.

Over the last week, global oil prices have increased due to tension intensification in the Middle East and the unveiling of China’s plan for economic stimulus. Besides, Trump’s promise to continue the U.S. attacks on Houthis in Yemen until they cease their attacks on tankers and commercial ships in the Red Sea led to an increase in global crude oil prices, as well.

The ING Institute believes that in addition to the U.S. attacks on Houthis in Yemen, many other factors support the increase in the oil price market.

However, the British Bank of Barclays reduced its predictions of Brent crude oil prices in 2025 due to upcoming doubts and the possibility of a fall in the U.S. economic growth as a result of the tariff war.

In its latest estimation, this bank announced Brent crude oil prices to an average of $74 per barrel in 2025, considering a fall of $9.

On Thursday, Brent crude oil closed at $70.83. Singapore’s 180CST reached $453. Bitumen prices in Singapore and South Korea were reported at $435 and $415, respectively.

In Bahrain, bitumen is being traded at the same level of $420.

In Europe, a fall in bitumen prices was recorded the price range of $410-440.

On March 15, bitumen prices rose $10 in India as a result of a surge in local demand and the increase of bitumen prices by the Indian refineries. According to the latest analyses, India will probably face another surge in bitumen prices on April, 1.

In Iran, a sharp increase in the dollar’s exchange rate against the rial was observed. Despite the complex conditions at the beginning of the coming New Year in Iran and significant pressure on port operations, prices remained at their previous levels with a slight increase.

It seems that after the end of the first few days of the New Year in Iran, prices may be slightly adjusted again.

Infinity Galaxy wishes everyone a prosperous Persian New Year.

To check the latest bitumen prices in different destinations, you can visit our website: https://infinitygalaxy.org/bitumen-price-today/

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