Cargo ships

Asia’s Fuel Oil Market Signals Hopes of U.S.-Iran De-Escalation

OilPrice.com6 November 2026, 12:30 UTCIran

Asia’s fuel oil refining margins and benchmark prices have slumped this week after the outcome of the U.S. midterms boosted hopes that there could be de-escalation in the Middle East allowing more oil products to move out of the Strait of Hormuz. The fuel oil market has also softened in recent weeks as more oil is exiting the Gulf and going to Asia’s demand centers. This week, the refining margin for high-sulfur fuel oil (HSFO) in Asia plunged to a discount of $2.29 per barrel on Thursday, compared to a premium of…

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