highlighting its volatility due to various geopolitical and economic factors. It examines the impact of U.S. tariff decisions, threats of sanctions against Russia, and ongoing conflicts in the Middle East on global markets and particularly, the bitumen trade. The document also provides specific price trends and market dynamics across key regions, including East Asia, Bahrain, Europe, India, and China, detailing how local conditions like monsoon rains and refinery margins influence prices. Finally, it addresses the uncertain future of Iran's bitumen exports, contingent on U.S. negotiations and the resolution of internal logistical challenges.