Is the Tension Over?
Market started falling last week because it was unsure about a response from Israel. After several explosions in Iran, Brent recovered above 87. Crude and petroleum products slowed down the changes as they were wondering about the tensions in the Middle East. Two countries haven’t specified any plans to continue the attacks on their territories yet.
On Monday, fuel slightly decreased along with crude oil. Oil has recovered a little bit but fuel is not reported yet. Bitumen market has also slowed down but there is still an upward pressure. In Iran, bitumen prices have a high possibility of increasing at a slow pace.
In the Middle East, the new steel drum bitumen was in the range of $ 360 – $ 365 and the bulk bitumen was in the range of $ 280 – $ 285. The bulk of Singapore is volatile in the range of $ 400 – $ 410 and South Korea is currently $ 390 – $ 400. Bahrain bulk stayed at 380 USD.
