Europe and Africa Market Update 23 Oct 2025

Fuel prices have surged in European and African ports, and ULSFO and LSMGO remain easily available in Istanbul.

IMAGE: Aerial view of container port and ship in Istanbul Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Rotterdam ($25/mt), Durban ($20/mt) and Gibraltar ($16/mt)
• LSMGO prices up in Rotterdam ($26/mt) and Gibraltar ($18/mt)
• HSFO prices up in Durban ($24/mt), Rotterdam ($18/mt) and Gibraltar ($10/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $7/mt to $254/mt

Fuel prices have surged at the three major ports over the past session, tracking the rise in Brent.

Gibraltar's HSFO price has recorded the smallest increase among the ports. A lower-priced 500-1500 mt HSFO stem fixed at $423/mt could have limited the price gain.

HSFO availability is very tight at Gibraltar, with buyers advised to enquire around two weeks in advance for a wider selection of suppliers, a trader said. VLSFO and LSMGO supplies need a shorter notice of one week, the trader added.

Meanwhile, HSFO and VLSFO fuel grades are very tight in Turkey’s Istanbul, while LSMGO and ULSFO are available within 1-4 days, a local supplier told ENGINE.

Istanbul’s LSMGO price has jumped by $47/mt, widening its premium over Gibraltar’s by $29/mt in a single day. A higher-priced LSMGO stem of less than 50 mt fixed at $768/mt may have provided additional support to the benchmark.

Brent

The front-month ICE Brent contract has gained by $3.20/bbl on the day, to trade at $65.59/bbl at 09.00 GMT.

Upward pressure:

Brent crude’s price has moved higher amid escalating tensions between the West and Russia.

The US Treasury Department has sanctioned two of Russia’s biggest oil companies – Rosneft and Lukoil.

Rosneft and Lukoil “produce more than 5m b/d [5 million b/d] of oil,” remarked ING Bank’s head of commodities strategy Warren Patterson. “Clearly, the concern for the market is oil flows from Russia,” he said.

Meanwhile, the European Union has adopted the 19th package of economic sanctions against Russia, targeting another 118 vessels from, bringing the total to more than 560.

These vessels “form part of Russia’s shadow fleet and reportedly two independent Chinese oil refineries,” Patterson added.

Downward pressure:

Oversupply concerns continue to be a key factor limiting Brent’s upward momentum.

More than 1 billion bbls of oil are in transit at the moment, data from tanker tracking firm Vortexa showed earlier, adding some bearish sentiment to the market.

This rise marks the highest level reached since 2020 – during the COVID-19 era, a Bloomberg report said.

Meanwhile, OPEC+ countries have continued to raise output ahead of their planned schedules.

Earlier this month, eight members of the group agreed to collectively increase their production by another 137,000 b/d in November.

By Nachiket Tekawade & Aparupa Mazumder

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