The Group III shortage continued reshaping global trade flows, as Asia increasingly steps in to fill the gap.
Asia showed tentative signs of export recovery, with Singapore shipments picking up and Taiwan loadings improving after two months of disruption.
China's strong June Group III production and base oils exports, together with India's rising shipments, showed Asia increasingly filling supply gaps left by the Middle East.
Europe and the US showed signs of retaining more premium-grade supply domestically, leaving less material available for export and adding to opportunities for Asian suppliers to build market share.
Middle East shipments faced fresh uncertainty, as concern about disruption to flows via the Red Sea could compound the current pause in Hormuz flows.
Tighter supply cut availability of spot cargoes, leaving buyers in markets such as West Africa competing for a shrinking pool of available supply.
Mexico's sharply lower base oils imports in May still covered core lubricants demand, pointing to tighter spot availability rather than weaker term supply.
Signs of easing disruption in some markets contrasted with renewed concerns elsewhere, pushing more buyers to diversify sourcing rather than rely on any single source.