Brent-WTI spread narrowed to $4.77/bbl, and USD/CNY rose marginally by +0.04%, indicating geopolitical risk premium retreated to $1.82/bbl from recent highs; fuel oil surged +5.64% — its strongest one-day gain in three weeks — yet the rally failed to cascade into downstream products beyond asphalt, signaling a shift from sentiment-driven to fundamentals-based repricing.