The recent political events have heightened the complexity and critical nature of the Middle East situation
On the 100th day of the Israel-Qaza conflict, the area experienced intense aerial bombardments. Simultaneously, the Houthi targeted a different merchant vessel on Tuesday. In retaliation, the United States initiated a strike against certain Houthi positions in Yemen.
Additionally, Iran conducted missile strikes on specific areas in Iraq, Syria, and Pakistan on Tuesday, reportedly targeting bases of terrorist forces. In retaliation, the Pakistan army assaulted a border village in Iran on Thursday. These events have heightened the complexity and critical nature of the Middle East situation. Interestingly, despite China’s economic growth falling short of expectations, the oil price remained below 78 USD amidst these crises.
On Wednesday, Singapore’s HSFO CST180 decreased by 2 USD, reaching 431 USD, while the bitumen price in Singapore fell by 4 USD to settle at 435 USD. South Korea witnessed a 5 USD drop in bitumen price, settling at 375 USD, while Bahrain maintained a steady price of 400 USD.
In Europe, the bitumen price slightly declined, ranging between 370 and 420 USD. On January 15, India experienced its fifth consecutive drop in bitumen price, with a decrease of 10 USD. However, there are expectations of improvements in India’s bitumen prices starting from February 2024.
Iran Bitumen Market
Meanwhile, the bitumen price in Iran remained unchanged over the last week, with refineries engaging in mild competition for VB purchases. Export pressures on this product have persisted for the fourth consecutive month since October 2023.
This article was prepared by Shirin Yousefi, the Content specialist and market analyst of Infinity Galaxy
