Morning prints show Brent at $107.52/bbl and WTI at $102.36/bbl, stretching the spread to $5.16. The seven workhorse transshipment grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula — reopen carried-interest windows at distinct discounts.

Brent settled at $104.25/bbl (-3.14) and WTI at $99.88/bbl (-2.54); the transatlantic spread compressed from ~$4.97 to $4.37. The tighter spread squeezes Far East transshipment margins on ESPO, Dubai and Oman cargoes, forcing re-quantification of delivered cost before title transfer.

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.