USD/CNY 6.7057, USD/JPY 154.07 and USD/KRW 1,345.51 all firmed; Brent lands at roughly CNY 5,240/t. The seven transshipment grades settle mostly in dollars, so a softer yuan eats straight into margin.

Brent fell 3.14% to $104.25/bbl; WTI dropped 2.54%; spread narrowed to $4.37/bbl. USD/CNY rose 0.09% to 6.7114. Geopolitical risk premium collapsed — no re-pricing despite Hormuz transits staying below 10 vessels for 3 consecutive days.

Brent at $95.51/bbl (−0.12%), WTI at $91.14/bbl (+0.15%), spread tightens to $4.37/bbl—the narrowest in three weeks; USD/JPY plunges 2.03% to 155.45, signaling a temporary retreat in risk aversion. Fuel oil front-month rises 0.93% to ¥3,900/t, indicating resilient bunker demand in Asia despite macro shifts.