Prices in East of Suez ports have moved up, and prompt availability remains tight across all grades in the UAE port of Fujairah.

IMAGE: Bunker barge at berth in Fujairah, UAE. Port of Fujairah

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

• VLSFO prices up in Fujairah ($16/mt), Singapore and Zhoushan ($7/mt)
• LSMGO prices up in Zhoushan ($22/mt), Fujairah ($20/mt) and Singapore ($10/mt)
• HSFO prices up in Zhoushan ($18/mt), Fujairah ($17/mt) and Singapore ($9/mt)
• B30-VLSFO at a $269/mt premium over VLSFO in Singapore
• B30-VLSFO at a $272/mt premium over VLSFO in Fujairah

Fujairah’s VLSFO price has risen by $16/mt in the past day, marking the steepest increase among the three major Asian bunker ports. The jump was partly driven by a higher-priced 150–500 mt VLSFO stem fixed in the port, which helped lift the benchmark.

Following the rise, Fujairah’s previously narrow VLSFO discount to Singapore has turned into a $6/mt premium, while the port's benchmark still trades at a $16/mt discount to Zhoushan.

Prompt bunker supply in Fujairah remains tight across all grades, with several suppliers facing compressed delivery schedules. Most suppliers continue to recommend 5–7 days of lead time, although some are still able to accommodate urgent stems at a premium, according to a source. Similar supply conditions persist in Khor Fakkan.

In Basrah, Iraq, VLSFO and LSMGO remain readily available, while HSFO supply continues to be limited. In Jeddah, Saudi Arabia, availability of VLSFO and LSMGO has improved, but ongoing port congestion continues to delay deliveries.

Brent

The front-month ICE Brent contract has gained by $2.05/bbl on the day, to trade at $62.09/bbl at 17.00 SGT (09.00 GMT) today.

Upward pressure:

Brent crude’s price has moved higher as geopolitical concerns have rekindled in the global oil market following the detention of Venezuelan President Nicolás Maduro by US troops.

US President Donald Trump also confirmed that the US embargo on Venezuelan oil would remain in place.

Venezuela is one of the founding members of the Organization of the Petroleum Exporting Countries (OPEC) and controls almost 17% of global oil reserves, or 303 billion bbls, Reuters reports.

“While the Trump administration has been taking a more hawkish stance against Venezuela in recent months, developments over the weekend have led to shockwaves around the globe,” remarked two analysts from ING Bank.

The outlook for Venezuelan oil production will hinge on the trajectory of US sanctions policy, according to market analysts.

The Trump-led US administration’s move “has potentially significant implications for the oil market,” ING Bank’s analysts added.

Downward pressure:

Ample global oil supply as the market moves into 2026 has capped gains in Brent crude’s price.

While recent developments in Venezuela and the unprecedented capture of its President by the US, have heightened geopolitical risk, market analysts warn that the possible return of Venezuelan barrels could add pressure to an already oversupplied market.

The concerns come as Trump said Washington would take control of the OPEC member.

“The reaction in oil prices following the US arrest of Venezuelan President Nicolas Maduro suggests the market is more focused on the potential for supply increases in the longer term,” ING Bank’s analysts added.

By Tuhin Roy and Aparupa Mazumder

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