Bunker prices update
Rotterdam's Marine Fuel Market
The most dramatic recent movement in Rotterdam's Marine Diesel Oil (MDO) market occurred in late February and early March 2026, triggered by the outbreak of war between the United States and Iran. This geopolitical shock directly impacted the Strait of Hormuz—a waterway through which nearly 20% of global oil flows—sending shockwaves through global energy markets and marine fuel pricing .
In the final week of February 2026, Rotterdam MDO prices stood at approximately $715/mt. However, following the outbreak of hostilities, prices skyrocketed. By March 3, 2026, MDO delivered in Rotterdam was assessed at $957.50/mt, representing a staggering $242.25/mt increase (nearly 34%) in just four trading days . This marked the highest price level since 2023.
The price surge was driven by a combination of immediate supply disruption fears and actual tightening of physical supply. The Strait of Hormuz crisis constrained bunker fuel availability across major hubs, forcing carriers to adjust operations through measures such as slow steaming, alternative refueling strategies, and emergency bunker surcharges . The panic was further amplified by a sharp rise in underlying ICE gasoil futures, which posted gains of over $250/mt in back-to-back sessions .
Beyond the immediate price spike, the conflict also distorted regional competitive dynamics. The sudden price surge temporarily erased the Rotterdam premium over Antwerp that had emerged earlier in 2026 due to Renewable Energy Directive III compliance costs, as suppliers held onto limited volumes and gained greater control over offer levels .