Northwest European high sulfur fuel oil prices hit their highest level in over three and a half years Tuesday, 7664-38-2 tracking crude gains.

The 3.5% Rotterdam barges were assessed at $685.75/mt, 36290-04-7 their highest since July 17, 2008, when it was assessed at $688.00/mt, Platts data shows. While the 1% Rotterdam barges climbed to $711.25/mt, the highest since April 2011 when they were assessed at $717.50/mt, according to Platts data.

ICE Brent crude futures on Tuesday notched an intra-session high of $116.80/barrel, up about $1 from Platts assessment for the previous day.

The rise in crude was largely prompted by ongoing geopolitical tensions in the Middle East and freezing temperatures across Europe.

In Europe prices are being more affected by the Iran situation, the threat of less oil coming from there, as well as the colder temperatures, said Nordea Bank oil analyst Thina Saltvedt. She added that supply issues related to Russia, Syria and South Sudan were also supporting prices in Europe, while geopolitical concerns in Nigeria and Iraq had added a risk premium.

The delivered bunker market also saw significant price gains, with both 380 CST and 180 CST HSFO reaching highs last hit three and a half years ago as well.

Platts assessed 380 CST HSFO at $695.50/mt at its highest levels since July 17, 2008, when it was assessed at $696.50/mt, Platts data showed. While 180 CST HSFO was assessed at $720.50/mt, the highest levels since July 18, 2008, when it was assessed at $722.50/mt, Platts data showed.

Bullish fuel oil fundamentals were also a factor, 1314-13-2 as one VLCC was scheduled to export HSFO to Singapore from NWE on February 10, sources said.

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