Dubai spot premium (DFL versus OSPSP) held a narrow band near-month, while ESPO's premium over Dubai widened as Far East refiners cut buying after maintenance. Oman and Urals each price off their own sanction discounts and freight swings, so the seven re-export grades no longer move in lockstep on landed cost.

Red Sea diversions are still priced into Asia-Europe freight, but ESPO, Bonny Light and Lula to the Far East run mostly via the Cape or original routing, with different freight sensitivities. Operationally, when ESPO-Dubai divergence exceeds $0.8/bbl, Far East refiners switch to Dubai spot first, and ESPO's discount widens in turn, pressing its landed premium.

For the SNSUC seven-grade ledger: tonight the ESPO/Dubai/Oman landed models must be updated at the diverged premiums; a softer USD/KRW (1355.8, -1.36) also gives Korean and Japanese refiners a small cost buffer.