Weekly Oil Report: Uncertain Tensions Continue in Middle East
On 19 April 2024, Israel launched a limited strike on Iran. The attack didn’t have much damage; therefore, it didn’t cause more tensions. Watch on YouTube:
Oil prices had a sudden drop before the attack but recovered slightly after it. Staying above $80, Brent closed the week at $87.15 and WTI around $82.07. Market is moving slowly since people are monitoring the next move of Iran and Israel.
China Q1 data reports 4.2% of growth. Numbers are above expectation and it can have a positive effect on oil.
US interest rates is not announced yet. Traders are still expecting to have an increase in June. But at the moment, they prefer to start profit-taking and observe carefully.
Bitumen prices increased during the week. Iran had a competition on vacuum bottom rates. India increased the price and it will have another one coming too. Europe had a slight increase and Bahrain stayed unchanged.
Latest Bitumen Price (22 April, 2024)
| Location | Price (USD) |
| Iran (bulk) – BND FOB | 289 – 293 |
| Singapore Bulk | 400 – 405 |
| South Korea Bulk | 390 – 395 |
| Bahrain Bulk | 380 – 385 |
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