Brent settled at $109.928 a barrel, up $3.78 on the day, while WTI closed at $101.846, gaining $3.96. The two benchmarks finished $8.082 apart, a touch narrower than the prior session's $8.26 but the second straight day above $8.

For SNSUC's seven-product transshipment list - ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula - the real driver of landed cost is the broad crude uplift: Brent-anchored bill-of-lading valuations moved up, and WTI-based US Gulf cargoes rose with them, so both sides of the landed price climbed together.

On the desk, every transshipment quote runs through the Brent x FX x 7.33 x grade formula, which bakes the spot absolute price into each offer. With Brent up $3.78 today, the ship-to-ship discount for the same Oman cargo at the Sohar and Fujairah anchorages has to be recalculated.

Traders should pull the discharge-port discounts now rather than wait until letter-of-credit opening - the discharge port is locked once the LC is issued, and that is a hard constraint.