Commodities
Bunker Fuel Markets Firm Amid Geopolitical Tensions
Global bunker fuel markets remained firm in the week ended July 25, supported by higher crude oil prices and escalating geopolitical tensions in the Middle East.
Brent crude futures settled at $96.78 per barrel on July 24, up $10.80 from a week earlier, while WTI crude futures gained $6.82 to settle at $89.31 per barrel.
VLSFO prices climbed in Singapore and Rotterdam, with the benchmark Very Low Sulphur Fuel Oil price rising by $60 per tonne to $836 per tonne in Singapore, its strongest increase among major bunkering hubs.
The market draw support from higher crude oil prices, supply disruption concerns, and elevated war-risk premiums for tanker movements, despite comfortable fuel inventories at major bunkering hubs.