Weekly Bitumen Report: The Middle East Unrest Shadows on Energy World

On the 100th day of Israel- Qaza war, the region witnessed the most severe air strikes. Meanwhile, the Houthi attacked another commercial ship on Tuesday. In response, America launched an attack on some of the Houthi positions in Yemen.


Also, on Tuesday, Iran launched missile attacks on some regions of Iraq, Syria, and Pakistan. It is said that their targets were the base of terrorist forces. In response to these attacks, Pakistan army attacked a border village in Iran on Thursday.


These incidents have made the situation of the Middle East more critical and complicated. However, despite the disappointment in economic growth of China, oil price did not exceed 78 dollars despite all these crises.


On Wednesday, Singapore’s HSFO CST180 fell by 2 dollars to reach 431 USD. Bitumen price of Singapore reached the range of 435 USD and dropped 4 dollars.
Bitumen price in South Korea settled at 375 USD and fell 5 dollars, yet, Bahrain is still recording the same price of 400 USD.
In the Europe, bitumen price dropped slightly to the range of 370-420 USD.


On January 15, bitumen price in India dropped 10 dollars so that India experiences its fifth frequent fall. However, it seems that India is expecting some improvements from the beginning of February 2024.


Bitumen price in Iran stood still during the last week, recording a slight competition among the refineries to purchase VB and pressures to export this product entered the fourth month since October 2023.


Stay in touch with Infinity Galaxy team for your bitumen inquiries.


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