Global bunker prices surge across major hubs as crude oil rally intensifies

• VLSFO and MGO rise, with Singapore recording the strongest gains
• Fujairah HSFO climbs $57.5/t w-o-w as Brent crude crosses $116/bbl

Global bunker prices rose across all the three major hubs in the week ended 24 October 2026, as a sharp rally in crude oil strengthened pricing across Very Low Sulphur Fuel Oil (VLSFO), Marine Gas Oil (MGO) and High Sulphur Fuel Oil (HSFO). VLSFO and MGO recorded gains across Singapore, Rotterdam and Fujairah, while HSFO also advanced at all three locations, led by a sharp increase in Fujairah.

The broad-based rise followed renewed concerns over Middle East energy supplies and shipping security, which pushed crude oil prices higher. The simultaneous gains across all three fuel grades indicate widespread upward pressure on bunker costs.

Regional bunker markets

• Singapore: VLSFO prices rose by $49/t, or 5.4% w-o-w, to $958/t, marking the strongest increase among the three major bunkering hubs. The sharp rise was driven by broad-based gains in crude oil prices, which lifted the overall cost of marine fuels, alongside firm regional bunker pricing. Stronger buying interest and upward price momentum across the regional market further supported the increase, resulting in a relatively pronounced weekly gain.
• Rotterdam: VLSFO prices increased by $30.5/t, or 4.1% w-o-w, to $769.5/t, reflecting the impact of rising global oil prices and strengthening sentiment across marine fuel markets. The upward movement suggests that higher crude oil costs were being passed through to bunker prices, while broader firmness in fuel markets reinforced the positive trend.
• Fujairah: VLSFO prices edged up by $13/t, or 1.3% w-o-w, to $985.5/t. Prices were supported by stronger crude oil benchmarks and continued uncertainty surrounding Middle Eastern supply conditions, which helped maintain an upward bias in the market.  Despite the smaller weekly gain, Fujairah continued to record the highest VLSFO price among the three hubs.

Market movers

• Brent crude rises amid Middle East supply concerns: Brent crude futures settled at $116.72/barrel (bbl) on 23 October, up 6.2% w-o-w from $109.86/bbl on 16 October. Prices gained amid fears of oil supply disruptions following Houthi attacks on Saudi Arabia, including energy infrastructure. An oil spill reported off the UAE coast added to uncertainty over regional energy flows.
• WTI rises above $103/bbl: West Texas Intermediate (WTI) crude settled at $103.27/bbl on 23 October, up 1.8% from $101.41/bbl on 16 October. Prices strengthened as concerns over Middle East supply security intensified, with the benchmark gaining 3.8% on Friday alone. The rise added to the upward pressure on marine fuel prices.

Outlook

Global bunker prices are likely to remain firm and volatile in the coming week as crude oil movements, geopolitical developments and regional supply risks continue to shape market sentiment. Further gains in crude could sustain upward pressure across VLSFO, MGO and HSFO, although the extent of increases may vary by hub and fuel grade. Any easing in supply concerns could temper the rally, but uncertainty over Middle East shipping and energy flows remains a key factor to watch.