Recent global energy markets have been volatile due to a combination of political and economic factors. The partial reduction of US tariffs on Chinese goods offered a brief positive market reaction, contrasting with IMF warnings of decreased global growth in 2025 due to trade tensions. Ongoing geopolitical issues, including the Russia-Ukraine war, European sanctions, and inconclusive US-Iran nuclear talks, further contributed to market uncertainty. Oil prices declined due to concerns about increased supply and reduced demand, compounded by some OPEC+ members raising production. Despite falling crude oil prices, the bitumen market demonstrated more resilience, supported by increased seasonal demand in the Northern Hemisphere. However, fluctuating oil markets and the uncertain outcome of US-Iran negotiations created indecision in the Iranian bitumen market.