The global bunker market in July was shaped primarily by geopolitical developments, crude price volatility, regional supply dynamics and logistics constraints. The key market drivers included: – Middle East geopolitical tensions: Ongoing uncertainty surrounding the Strait of Hormuz and Red Sea continued to underpin market sentiment, sustaining geopolitical risk premiums across crude oil, marine fuels and freight markets. – Crude oil price volatility: Bunker prices closely mirrored fluctuations in Brent crude, with changing geopolitical expectations driving sharp movements in oil benchmarks and, consequently, bunker fuel prices. – Regional supply dynamics: Supply conditions remained uneven across major bunkering hubs. Availability continued to improve in Singapore and Rotterdam as inventories recovered and replenishment progressed, while Fujairah remained comparatively tight due to its strategic location and greater exposure to regional geopolitical risks. – Logistics and freight costs: Vessel rerouting, extended voyage distances, elevated war-risk insurance premiums and higher tanker freight rates increased bunker delivery costs, supporting physical market premiums despite improving fuel availability in some regions. In July, the global bunker market returned to a phase of heightened volatility as renewed hostilities and the escalation of the conflict in the Persian Gulf pushed bunker prices sharply higher. The upward trend followed a period of relative stabilization in June during the temporary ceasefire between Iran and the United States. By the end of July, the MABUX 380 HSFO Index had gained USD 74.07, rising from USD 550.68/MT at the end of June to USD 624.75/MT and moving back above the USD 600/MT mark. The MABUX VLSFO Index increased by USD 78.92, from USD 706.63/MT to USD 785.55/MT. The MABUX MGO LS Index posted the strongest monthly gain, advancing by USD 259.55, from USD 1,085.19/MT at the end of June to USD 1,345.16/MT. At the time