U.S. benchmark and international crude benchmarks both fell as investors took profits following prior gains on the announcement of sweeping new U.S. sanctions targeting Iran. The 'Operation Economic Outcast' campaign imposes global sanctions with no exemption for China, creating uncertainty around Iranian oil flows. Prices remain volatile as markets assess whether the sanctions will successfully isolate Iran's energy sector or be circumvented.
Crude oil futures firmed amid firm spot demand, with both major global benchmarks edging higher in trade. Increased positioning by market participants reflected continued underlying demand support.
Asia
White oil prices in Asia increased during Q1’26 as refiners faced higher feedstock costs and tighter supply movement. In India, disruptions around the Strait of Hormuz affected refinery procurement, with 40% of crude imports linked to the Middle East and 60% of LPG flows exposed to the same route. Higher freight and insurance costs raised landed feedstock expenses, which filtered into white oil production. Refiners also turned to alternate barrels, including Russian supply, while rescheduling maintenance and shipments. Meanwhile, demand from pharma, cosmetics, and industrial lubricant sectors remained stable, supporting the upward price movement during the quarter.
Europe
White oil prices in Europe rose in Q1’26 as limited Gulf-origin supply and higher import costs tightened refinery economics. European buyers competed for fewer available cargoes, while freight and insurance premiums increased due to riskier shipping conditions. However, demand from pharmaceutical, personal care, and industrial users was moderate, but limited supply flexibility kept prices firm.
North America
In North America, white oil prices moved upward in Q1’26 as refinery feedstock costs increased and Gulf-linked import risk premiums rose. Higher freight and tanker insurance costs affected supply chains, though domestic production and strategic stock availability helped reduce the severity of shortages. U.S. crude inventories rose by 3.5 million barrels to the highest level in over three years, supporting refinery continuity. Demand from healthcare, cosmetics, food-grade lubricants, and industrial applications stayed steady, keeping white oil prices on a firm trend.
Analyst Insight
According to Procurement Resource, white oil prices are expected to remain firm as freight, insurance, and Gulf shipping risks continue to affect refinery costs. Prices may stabilize gradually if supply routes normalize.
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Asia
White Oil prices in Asia continued to face pressure throughout Q4'25. The main cause was weak economic signals from China. Low expectations for Chinese GDP growth and industrial production weakened the total demand sentiment in the region. Buyers were subdued, especially due to the mixed performance of manufacturing production in the key economies of Asia. At the same time, the performance of crude oil was also erratic.
Although there was a brief spike in the prices of crude oil due to the announcement of fresh sanctions by the Donald Trump administration against Russian oil companies such as Rosneft and Lukoil, the general trend was weak. Oversupply by OPEC+ and concerns over global growth also did not help the cause. As such, the total demand for White Oil from the cosmetics, pharma, and industrial segments was average but not strong.
Europe
In the European region, the prices of White Oil were almost similar but a bit more volatile during Q4’25. Tensions pertaining to the Russia-Ukraine conflict and the imposition of new US sanctions caused volatility in the energy market. Manufacturing in some parts of the European Union approached contractionary levels, while services growth was moderate.
This is a reflection of the sluggish economic growth in this region. Feedstock prices rose temporarily when crude prices rose in response to geopolitical events such as the imposition of sanctions and the US seizure of a tanker carrying Venezuelan oil. However, the demand for White Oil from the personal care and pharmaceutical industries did not increase strongly.
North America
In North America, the prices of White Oil were volatile in Q4’25. The prices of crude oil were significantly affected by the geopolitical moves of the U.S., which imposed sanctions on Russian oil companies and seized a tanker vessel used for Venezuelan oil trade. This move boosted the prices of oil to a certain extent. Nevertheless, the prices of crude oil were low during 2025, and the concerns of economic growth also impacted the prices of oil to a certain extent.
The demand from the downstream sector, such as the healthcare sector and the food-grade sector, was steady, but there was no significant increase in the demand from the market. The production of oil was managed according to the demand, and the prices of oil were steady with low volatility.
White oil, commonly referred to as mineral oil or liquid paraffin, is an oil made from petroleum that has no flavour, smell, or color. Due to the presence of saturated aliphatic hydrocarbons, it is chemically inert. It is commonly used in pharmaceuticals, cosmetics, food processing, and a variety of other industries. Due to its qualities, which include non-comedogenicity and low toxicity, it can be used in food-grade items including lubricants, ointments, and lotions.
Pharmaceutical production, Lubricants, Agriculture, Rubber and plastic industry, Adhesives and sealants
Liquid Paraffin, Mineral Oil
British Petroleum, Renkert Oil, Inc, Exxon Mobil Corporation, JX Nippon Oil and Energy Corporation, Royal-Dutch Shell N.V., Sinopec Corporation
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.
The production of white oil involves blending paraffinic and naphthenic hydrocarbons, two petrochemical fluids, while upholding high purity criteria to ensure the highest quality of the finished product. The product is then produced by purifying and processing the chemical.
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