Bunker prices have climbed back to June levels, now running about 60% above pre-war pricing, as tensions between Iran and the US around the Strait of Hormuz escalate further and Chinese crude buying picks up.
Global crude prices climbed to six-week highs on Monday, propelled by mounting supply security fears after Iran threatened to strike regional energy infrastructure following weekend exchanges of fire with the United States across Gulf maritime corridors.
Global crude oil futures traded mixed on Thursday, consolidating near six-week highs as escalating geopolitical tensions across the Middle East and persistent maritime bottlenecks in the Strait of Hormuz were tempered by diplomatic signals hinting at potential peace negotiations between Russia and Ukraine.