With the Brent–WTI spread back to $4.75/bbl, the economics of arbitrage from the US Gulf to Europe and Asia have marginally weakened, and traders' appetite for US crude discounts has declined. SNSUC Research Institute finds that a narrowing spread is often accompanied by falling freight and geopolitical risk premiums — the Atlantic basin freight index is now about 6% below its August average. On the Asian delivered side, spot premiums for medium-sour grades such as ESPO, Dubai and Oman remain resilient, while origin premiums on Urals, Bonny Light and Lula are diverging more sharply due to differing sanction waivers and West African maintenance schedules. This forces re-exporters to price each cargo independently on 'origin premium/discount + freight + destination demand' rather than relying on monthly averages. SNSUC's seven crude re-export grades (ESPO/Dubai/Oman/Urals/Basrah Light/Bonny Light/Lula) are fully wired to per-vessel digital warehouse receipts and SHA-256 attestation, enabling quota filing, on-chain origin certification and B/L hash stamping within 72 hours of vessel scheduling — shifting cross-region arbitrage from 'experience pricing' to 'data pricing'.