Most prices in East of Suez ports have moved up, and prompt availability of all grades is tight in Fujairah.

IMAGE: Aerial view of the Saudi Arabian port of Jeddah with cargo ships and dry docks. Getty Images

Changes on the day to 17.00 SGT (09.00 GMT) today:

• VLSFO prices up in Fujairah ($8/mt) and Zhoushan ($3/mt), and down in Singapore ($1/mt)
• LSMGO prices up in Zhoushan ($21/mt), Singapore ($17/mt) and Fujairah ($12/mt)
• HSFO prices up in Fujairah ($19/mt), Singapore ($7/mt) and Zhoushan ($5/mt)
• B24-VLSFO at a $187/mt premium over VLSFO in Singapore
• B24-VLSFO at a $209/mt premium over VLSFO in Fujairah

Fujairah’s VLSFO price has risen by $8/mt in the past day, while prices in Zhoushan and Singapore have remained broadly stable. Even after the increase, Fujairah’s VLSFO stands at discounts of $22/mt to Zhoushan and $12/mt to Singapore.

Fujairah's HSFO benchmark also climbed, with the gain outpacing that of VLSFO to narrow its Hi5 spread by $11/mt to $75/mt. This spread remains higher than Zhoushan’s $71/mt but lower than Singapore’s $87/mt.

Prompt bunker availability in Fujairah remains tight, with lead times for all fuel grades unchanged at 5–7 days, similar to those in Khor Fakkan.

In Iraq’s Basrah, VLSFO and LSMGO are readily available, while HSFO remains limited. In Jeddah, Saudi Arabia, supplies of both LSMGO and VLSFO continue to be tight.

Brent

The front-month ICE Brent contract has gained by $0.65/bbl on the day, to trade at $74.28/bbl at 17.00 SGT (09.00 GMT).

Upward pressure:

Brent futures have moved higher amid escalating geopolitical tensions in the Middle East.

The ongoing feud between Israel and Iran has threatened oil supply in the region, adding risk premiums to oil prices, according to market analysts.

“The nature of Israel and Iran's attacks on each other over the weekend suggests [that] risks to the oil market have escalated in this latest phase of the Middle East conflict,” ANZ Bank’s senior commodity strategist Daniel Hynes remarked.

On Monday, US President Donald Trump called for the evacuation of Tehran amid growing fears of further escalation of the conflict in the region. His comments have renewed volatility in the broader financial markets, two analysts from ING Bank said.

The conflict has reignited concerns over the use of key oil transit chokepoints in the region, including the Strait of Hormuz, the Gulf of Aden and the Bab al-Mandab Strait.

“The market remains on edge with the biggest fear a potential blockage of the Strait of Hormuz, which would lead prices to soar further,” the analysts said.

Downward pressure:

Brent’s price has felt some downward pressure due to growing OPEC+ output.

The total crude oil production by OPEC+ members averaged 41.23 million b/d last month, about 180,000 b/d higher than in April, the group said in its latest oil market report.

Oil production by OPEC+’s de-facto leader Saudi Arabia, increased by 177,000 b/d in May to 9.18 million b/d, while the UAE increased its output by 27,000 b/d to about 3 million b/d last month.

Earlier this month, the Vienna-headquartered coalition agreed to increase output by 411,000 b/d for July, maintaining the same monthly increase it has implemented in the past three months.

By Tuhin Roy and Aparupa Mazumder

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