Since the recent Iran-US strikes on 28 February, bunker markets have moved sharply higher, with conventional MGO leading the repricing across the main hubs. Public spot indications show Rotterdam MGO rising from around $715/mt on 25 February to $975–990/mt on 3–4 March, Singapore from $742.75/mt to $962–991.25/mt, and Fujairah from $806/mt to $1,025–1,062/mt over the same period.
With Fujairah disrupted, the market is now reassessing supply optionality more seriously, and demand is expected to shift toward Rotterdam, Singapore, the Mediterranean and other non-Gulf hubs. For buyers, bunker procurement is no longer simply about chasing the lowest flat price. It is increasingly about securing the right balance between price, availability, supply security and compliance exposure for each voyage.
While EU sanctions on Russia remain in force, the temporary easing of some U.S. Russian oil-related restrictions during the Gulf energy crisis increases the likelihood of continued Russian barrels flowing into Asia. That may provide some offset to the wider crude complex, but it does little to change the current prompt tightness and risk premium affecting bunker markets, particularly MGO and Gulf-linked supply.
In this environment, Spain and the wider Mediterranean are becoming more relevant as alternative sourcing regions, while biofuels are also becoming more commercially viable in selected EU-related trades. The result is a market where fuel selection is becoming materially more strategic than it was only a few weeks ago.
Glander International Bunkering continues to monitor the situation closely and support clients with pricing strategy, alternative supply locations and fuel options as market conditions evolve.
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