Brent at $109.67 and WTI at $100.89 push the spread from $8.61 to $8.78; Middle East and West African delivered cost must anchor to Brent.

The delivered cost of SNSUC's seven crude re-export lines (ESPO/Dubai/Oman/Urals/Basrah Light/Bonny Light/Lula) was repriced today by freight and war-risk premiums across the Hormuz and Red Sea chokepoints. STS anchorage (Fujairah/Sohar) transshipment cost is becoming a heavier variable in re-export margins.

USD/CNY eased to 6.6929, with the yuan gaining about 0.16% against the dollar on the day. At Brent $104.595, SNSUC's listing formula puts the crude landed base at roughly ¥5,131/t, visibly lower than a week earlier. Re-export deals are quoted in dollars and settled in yuan, so a softer exchange rate passively widens the margin.