Europe & Africa Market Update 10 Oct 2025

Most fuel prices have decreased in European and African ports, and prompt supply remains tight at the Gibraltar Strait ports.

IMAGE: Aerial view of the Bay of Gibraltar. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices down in Gibraltar ($17/mt), Rotterdam ($5/mt) and Durban ($2/mt)
• LSMGO prices down in Gibraltar ($22/mt) and Rotterdam ($10/mt)
• HSFO prices down in Gibraltar ($10/mt), Durban ($9/mt) and Rotterdam ($6/mt)
• Rotterdam B30-VLSFO premium over VLSFO down by $11/mt to $252/mt
• Gibraltar B30-VLSFO premium over VLSFO down by $4/mt to $395/mt

Prices of all fuel grades have declined in the three major ports, tracking Brent’s decline.

The price of LSMGO at Gibraltar has fallen more compared to at Rotterdam, narrowing Gibraltar’s premium by around $12/mt. A lower-priced 50-150 mt LSMGO stem fixed at $712/mt, may have put additional downward pressure.

The Mediterranean port's Hi5 spread has also narrowed by $7/mt to just $8/mt today, as the port's VLSFO price fell more steeply compared to its HSFO price. A lower-priced 500-1500 mt VLSFO stem was fixed at the port at $462/mt, which has weighed on the benchmark.

Fuel availability in Gibraltar, Algeciras and Ceuta remains tight for prompt deliveries, with buyers advised to enquire with about 5-7 days of lead time for LSMGO and VLSFO to get competitive offers, while HSFO deliveries may need a longer notice of more than 10 days, a trader said.

Some suppliers at Gibraltar and Algeciras are delayed on supplies by around a day, port agent MH Bland said. All supplies are proceeding normally and without any delays in Ceuta, shipping agent Jose Salama & Co said.

Further, higher wind gusts of more than 25 knots and waves over 1.5 meters are forecast in all the three ports between 11-12 October, which may cause disruptions to bunker operations.

Brent

The front-month ICE Brent contract has dropped by $1.60/bbl on the day, to trade at $64.82/bbl at 09.00 GMT.

Upward pressure:

Washington has announced a fresh sanctions package against Iran, putting some upward pressure on Brent crude.

The US Treasury Department has sanctioned more than 50 individuals, entities and vessels for facilitating Iranian oil and liquified petroleum gas (LPG) sales and shipments.

“[Oil’s] losses were limited after the US announced further sanctions on Iran,” remarked ANZ Bank’s senior commodity strategist Daniel Hynes.

Downward pressure:

Brent crude’s price has plunged following US President Donald Trump’s latest announcement that Israel and Hamas have reached a ceasefire deal and have agreed to the release of the remaining Israeli hostages, according to media reports.

“This means that all of the hostages will be released very soon, and Israel will withdraw their troops to an agreed upon line as the first steps toward a strong, durable, and everlasting peace,” Trump wrote on social media platform Truth Social.

The long-anticipated deal comes as part of a broader plan to end the conflict in Gaza, now in its second year.

“This presents a major step toward ending the two-year war that raised the risk of supply disruptions in the oil market,” Hynes added.

By Nachiket Tekawade & Aparupa Mazumder

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