Global bunker prices rise in September as Middle East tensions lift fuel markets

Global bunker prices rose sharply in September, driven by Middle East geopolitical uncertainty, tight crude and distillate supply, and regional bunker availability constraints.

By the end of the month, the MABUX 380 HSFO Index had increased by USD 79.31, rising from USD 622.00/MT at the end of August to USD 701.31/MT. The VLSFO Index gained USD 69.36 to reach USD 845.00/MT, while the MGO LS Index posted the strongest increase, climbing by USD 167.28 to USD 1,517.08/MT.

The rise was mainly linked to renewed escalation in the U.S.–Iran conflict, which lifted the geopolitical risk premium in crude oil and oil product prices.

The Global Scrubber Spread narrowed by USD 9.95 to USD 143.69. Rotterdam’s spread fell below the USD 100 benchmark to USD 65, while Singapore narrowed to USD 125, indicating weaker scrubber economics in some hubs.

Regional dynamics remained uneven. Istanbul’s ECA Spread declined to USD 75, falling below the psychological USD 100 threshold.

Energy markets also stayed under pressure. European gas storage reached 71.16% by September 28, while LNG bunker fuel at Sines rose by USD 123 to USD 1,608/MT.

Looking ahead, MABUX expects global bunker markets to remain volatile in October, with Middle East developments, tight supply and regional availability constraints continuing to support prices.

Source: MABUX