Brent settled at $111.301/bbl (+1.73) while WTI closed at $101.706/bbl (+1.81). The transatlantic spread widened to $9.595, up from $9.022 the prior session — a move that shifts the delivered-cost center of gravity more than the freight stack itself.

The posted-price formula is fixed: Brent × FX × 7.33 × grade factor. At today's USD/CNY 6.6667, every $1 move in Brent lifts delivered RMB cost by roughly 7.33 × 6.6667 ≈ ¥48.9 per barrel. Today's Brent gain alone added about ¥13 per barrel to delivered cost versus the prior session.

The operational read is plain: Middle East grades linked to Brent — Oman and Dubai — need a fresh delivered quote to refiners; Urals carries its own discount stack and is hedged through back-to-back letters of credit, so its quote cadence does not have to track every Brent tick.