21 May 2026
Tighter Refining Conditions Are Supporting Higher Bunker Prices
Prices are on the up (again)
We have already seen that it is almost impossible to predict how and when the Iran war will end, and when the Strait of Hormuz will reopen. In last month’s report, we looked at the potential for bunker prices to fall if the war were to end within two to three weeks, which seemed credible at the time, and a higher price trajectory towards $900/mt for Singapore VLSFO if the war continued for another one to two months.
At present, we are clearly on the higher trajectory.
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