World News
Crude Futures Surge Past $100/bl for First Time Since 2022
Crude futures jumped on Monday, rising above $100/bl for the first time since 2022, as the escalating conflict involving Iran raised concerns over oil supply from the region.
ICE May Brent futures were trading at $116.63/bl at 04:38 AM in London, up 25.8% from Friday’s close of $92.69/bl.
An increase of this scale would be equivalent to an increase of $176/mt in bunker prices in metric tonnes.
Oil prices have been climbing since the US and Israeli forces carried out military strikes on Iran on February 28, escalating tensions in the Middle East.
Since then, Iran has targeted oil infrastructure in the region and ships passing through the Strait of Hormuz, a key route for global crude and fuel shipments.
Over the weekend, Israeli forces also carried out air strikes on Iranian oil infrastructure for the first time since the conflict began.
Iran’s Revolutionary Guard Corps (IRGC) has warned it could target energy facilities across the region and said oil prices could climb to $200/bl if its oil infrastructure comes under further attack.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 822.50 | 127.00 | 1383.00 | 226.00 |
| Rotterdam | 631.50 | 16.00 | 1053.50 | 27.50 |
| Houston | 668.00 | 67.50 | 1138.50 | 122.00 |
| Fujairah | 742.50 | 51.00 | 1202.00 | 41.50 |
| Global 20 Ports Average | 735.00 | 53.50 | 1153.50 | 45.50 |
| Global 4 Ports Average | 716.00 | 65.50 | 1194.50 | 104.50 |
| Global Average Bunker Price | 740.00 | 49.50 | 1134.50 | 60.00 |
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