The Brent–WTI spread hit $3.64/bbl—the widest since September 4. The last time it breached $3.50 was on August 22, during peak Strait of Hormuz vessel congestion (only 3 transits). Today’s widening isn’t driven by surging WTI supply but by narrowing Middle East discounts embedded in Brent: Dubai/Oman spot premiums held at +$0.82/bbl (industry benchmark), while Urals’ discount to Brent tightened to -$12.30/bbl (from -$13.75 on September 14), signaling less severe Black Sea export bottlenecks than feared. Fuel oil (+0.89% to ¥4,297/t) and asphalt (+1.53% to ¥5,432/t) rallied despite flat demand signals—East China asphalt plant utilization remains at 48.2% (industry benchmark); bonded bunker fuel stocks rose only 0.3% w/w. This confirms a shift from ‘supply cutoff panic’ to ‘logistics reallocation cost’: higher insurance, detour premiums, and short-haul arbitrage are lifting regional cracking values. USD/CNY dipped 0.03% to 6.6984, easing import cost pressure—but for SNSUC’s transshipment clients, each $1 Brent–WTI spread widening erodes ~¥42/t of theoretical ESPO-to-Qingdao arbitrage (at 6.7 exchange rate and 0.92 t/bbl). The full window opened earlier this month is now fully priced out. Upside trigger: Hormuz daily transits ≤2 vessels → Brent retests $100 and spread breaches $4.00. Downside trigger: Urals discount widens beyond -$13.00 → Russian oil eastbound logistics ease materially → spread collapses to $2.80 range. SNSUC clients must hedge Brent–WTI spread exposure on ESPO transshipment positions over next 30 days; recommend using Brent Dec/WTI Dec spread futures with exit threshold at $3.30.