1. Official Selling Price (OSP): SOMO left its October Asia OSP unchanged (confirmed by Reuters/SquawkNews on Sept 13): Basrah Medium at parity (0.00/bbl) to the Oman/Dubai average and Basrah Heavy at a $3.30/bbl discount — the stable reading after two consecutive months of upward revisions.

2. Spot term discounts: A Bloomberg (Argus-sourced) Sept 29 document shows October loadings (Oct 1–31) term discounts of -$34.50 (Medium) and -$37.00 (Heavy) to destination benchmarks (Oman/Dubai for Asia, Dated Brent for Europe, Argus SCI for the Americas) — deeper than the sub-$30 levels seen in Aug–Sept, as Iraq leans on steep discounts to keep barrels moving given its distance from Hormuz and lack of a sizable own fleet.

3. Load premium & STS mechanism: Standard non-Hormuz load premiums are ≥$0.20/bbl (days 1–10) and ≥$3.00/bbl (days 11–30), with an extra +30% for offshore STS Fujairah delivery. In spot tenders, SOMO sold Basrah Medium/Heavy to Asian buyers at more than Dubai +$10/bbl delivered (urgent.news / chemicalsupdates).

4. Net delivered differential: Anchored to Brent/Oman-Dubai, with OSP parity plus the -$34.5 term discount, October Medium nets roughly Oman/Dubai -$34.5/bbl and Heavy about -$37.0; freight and war-risk hedging further depress realized proceeds. Chinese independents lifted more Basrah Medium/Heavy for Oct–Nov delivery at ICE Brent +$12~20/bbl CFR (MoneyDJ/Reuters, Oct 7), with Iraqi grades becoming the new teapot benchmark.

5. Practical note: Hormuz war-risk premiums remain elevated (some estimates at 0.3%–1.0% of hull per voyage; Lloyd's JWC lists the Arabian Gulf as high-risk), with ~80 million barrels queued to exit. Buyers should lock Oman-sea STS delivery points, confirm war-risk and freight terms, and watch the deep-discount window for realized economics. Sources: Reuters / SquawkNews / Bloomberg (Argus-sourced) / Kpler / Jin10 / MoneyDJ.