Hormuz disruptions and Russian supply losses trigger severe global bunker fuel crisis

Global marine fuel supplies face severe bottlenecks as geopolitical conflicts reduce available volumes and inflate shipping operating costs. Middle East high-sulfur fuel oil exports through the Strait of Hormuz remain at least 800,000 tons per month below February baselines, while Ukrainian strikes on Russian refineries have removed another 1 million tons monthly. Asian refiners also procured roughly 1 million tons for November feedstock. Consequently, spot fuel oil shipping premiums climbed from $5.10 to nearly $50 per ton, Singapore VLSFO lead times reached 11 to 18 days, and September prices hit $872 in Singapore and $939 in Fujairah.