The FX split today is sharper than the oil move. USD/JPY reached 158.04, up 0.41 on the session; USD/KRW stood at 1361.00, up 0.31; USD/CNY held at 6.7050, essentially unchanged. EUR/CNY weakened to 7.5648.

A softer yen and won mean that dollar-priced ESPO and Bonny Light landed in North-East Asia carry a higher local-currency cost. A Korean buyer settling in won, a Japanese buyer in yen — the slice the exchange rate takes can overshadow the crude's own move. The steady yuan gives Chinese landed prices an anchor, so SNSUC's quote volatility comes from the cargo itself rather than the currency.

In a market where non-dollar currencies diverge, the transshipment desk should watch not just the Brent print but which currency settles the dollar liability on the book at close. Hedging the FX leg comes before hedging the barrel.