Global bunker prices extend weekly gains on crude rally, Middle East supply risks

• MGO records the sharpest gains across major bunker hubs
• Fujairah VLSFO jumps nearly 10% as regional supply risks intensify

Global bunker fuel prices rose sharply across Singapore, Rotterdam and Fujairah in the week ended 11 September 2026, with all three major fuel grades recording increases. The strongest gains were seen in MGO, while VLSFO also posted substantial increases, particularly at Fujairah. The broad-based rise reflects a sharp strengthening in crude oil prices and mounting concerns over fuel supply and shipping disruptions in the Middle East.

Regional bunker markets

• Singapore: VLSFO increased w-o-w by $30/tonne (t) (3.6%) to $874/t on 12 September, against $844/t on 5 September, while MGO and HSFO also surged w-o-w. The broad-based gains indicate stronger replacement costs across all grades, with the market responding to elevated crude prices and tightening regional supply risks.
• Rotterdam: VLSFO climbed w-o-w by $16/t (2.3%) to $713/t on 12 September against $697/t, while MGO posted the largest absolute increase among the three hubs. The sharp MGO increase highlights growing pressure on middle-distillate markets amid elevated crude and refined-product prices.
• Fujairah: VLSFO recorded the largest percentage increase, rising w-o-w by $89/t (10.4%) to $944/t on 12 September against $855/t. Fujairah remains particularly exposed to regional supply disruptions, with industry market commentary indicating tight VLSFO availability amid rising US-Iran tensions.

Market factors

• Brent crude surges w-o-w: Brent rose 9.1% w-o-w to $103.85/barrel (bbl), from $95.15/bbl. The rally reflects heightened concerns over Middle East supply disruptions, particularly after attacks on shipping near the Strait of Hormuz and continued threats to regional energy infrastructure.
• WTI crude strengthens: WTI crude futures rose to $100.05/bbl on 12 September 2026, from $91.48/bbl in the previous week, gaining $8.57/bbl (9.4%) w-o-w. The sharp rise reflects heightened geopolitical risk in the Middle East, escalating attacks on shipping and growing concerns over disruptions to crude and fuel flows through the Strait of Hormuz.

Outlook

Global bunker prices are likely to remain firm and volatile in the near term, with crude prices, shipping security and fuel availability remaining the key drivers. Fujairah is likely to remain the most vulnerable major hub if disruptions around Hormuz persist, while MGO could retain a premium amid tighter middle-distillate markets.

The sharp weekly increases across all three grades indicate that the bunker market is increasingly pricing in prolonged geopolitical and logistics risks rather than a temporary crude-price spike. Any easing of tensions or improvement in vessel movements through Hormuz could reduce the risk premium; however, continued attacks, restricted shipping and supply-chain disruptions would keep upward pressure on bunker costs.