Renewed fighting between US and Iran has slowed shipping through the Gulf of Hormuz, disrupting supply routes. Benchmark crude prices have climbed sharply from pre-conflict levels, reflecting heightened geopolitical risk. The upward price pressure is likely to continue while tensions persist.
Intensified US-Iran military actions disrupt oil shipments through the Strait of Hormuz, causing a sharp spike in crude oil prices. The price jump leads to severe depreciation of the Indian rupee, raising import costs and inflationary concerns.
Asia
In Asia, the prices of high-octane liquid products experienced mixed trends during Q4’25, mainly driven by demand and trade-related factors. Prices fell at the beginning of the quarter as demand for petrochemicals declined, prompting buyers to curtail fresh demand. The market environment was bearish during the period as industries operated at slow rates, while demand was already met by existing stocks. Towards the end of Q4’25, the environment improved as demand from key importers picked up, supporting demand. Refining and petrochemicals sectors focused on cost-effective fuel products, thereby supporting demand stability. Improved import demand and higher operating rates in industries also contributed to stability in the market environment. Although demand from the polymers and packaging sector was low, the market environment was relatively stable, reflecting a degree of recovery towards the end of Q4’25.
Europe
In the European market, the prices of high-octane liquid products faced pressure throughout Q4’25, as the supply was high and the demand was relatively low. The amount of liquid product entering the market was large, and the demand was not being consumed as fast as expected. The market was bearish, and the economy was not doing well. The demand from the transportation sector was not as expected, as the economy was not growing well. The end of the quarter saw a positive market trend, as the global relations improved and the chances of diverting the products to other markets were expected. The chances gave a positive signal for a better market trend in the coming days.
North America
The prices of high-octane liquid product in North America remained low during Q4’25 due to robust production and higher inventory levels. The supply of these liquid products remained consistent while export demand weakened. This led to an oversupplied market scenario. International demand for these liquid products, particularly from Asia, remained low. This weakened export demand and further negatively impacted prices. Although some energy products showed robust performance due to strong export demand, overall market conditions for high-octane liquid product remained low due to weak downstream demand and low international trade activity
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Asia
In Asia, high-octane fuel prices moved upward through most of Q3’25. The rise came as regional energy markets reacted to stronger global oil values following renewed tensions in the Middle East. Supply disruptions and geopolitical risks led to higher import costs, especially for countries dependent on refined fuel imports. In several South Asian markets, government price adjustments reflected these international movements, pushing retail and wholesale rates higher.
Domestic refineries operated steadily, but increased taxation and levies also added pressure on prices. Meanwhile, demand from the transport sector stayed firm, as economic and travel activity picked up pace across the region after earlier slowdowns. Even with some relief from lower LPG and lighter fuel prices, overall market sentiment for motor and industrial-grade fuels remained firm through the quarter.
Europe
In Europe, the prices of high-performance liquid fuels showed mixed movement during Q3’25. Early in the quarter, prices remained steady due to balanced regional inventories and moderate consumption. However, mid-quarter, global crude price volatility and refinery maintenance across parts of Western Europe caused mild upward adjustments.
The aviation and transport sectors saw only gradual recovery, which limited stronger price gains. Trade tensions with major partners and reduced exports added to market uncertainty. Toward the end of the quarter, cooler weather conditions and slightly lower industrial activity eased consumption again, keeping the overall quarterly trend stable to slightly firm.
North America
In North America, the prices of refined motor fuels trended higher during Q3 as global oil benchmarks strengthened. A combination of strong domestic production and softer export demand kept supply conditions comfortable, but international tensions and seasonal travel demand supported prices.
Refineries maintained high utilization rates to meet steady consumption, especially in the transport and logistics sectors. However, increased taxes and levies added to retail prices across some regions. Despite stable operations, overall market tone leaned firm through the quarter.
High-Octane Liquid Products or reformates are premium blending stocks for high-octane gasoline, produced via catalytic reforming of petroleum refinery naphthas obtained from crude oil. A blending stock is any unfinished oil mixed with other oil to create a finished/desired product. Reformates are the primary source of chemicals like benzene, xylene, and toluene. Fuel having a higher-octane value is preferred as higher octane provides more excellent resistance to early fuel ignition, which can cause damage to the engines.
Blending Stocks, Chemical Substrates
Reformates
Chevron Corporation, Chiyoda Corporation, Atlantic Richfield Oil Company, Linde AG
CurrencyUS$ (Data can also be provided in local currency)
Supplier Database AvailabilityYes
Customization ScopeThe report can be customized as per the requirements of the customer
Post-Sale Analyst Support360-degree analyst support after report delivery
Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.
Catalytic Reforming converts paraffins (low-octane linear hydrocarbons) into branched alkanes and cyclic naphthenes. These products are partially dehydrogenated to produce high-octane aromatic hydrocarbons or reformates. During this process, a significant amount of by-product hydrogen gas is produced, which is used as a feedstock in other reactions like hydrocracking.
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