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 fell 3.43% and WTI 3.29% — signaling rapid unwinding of geopolitical risk premium; USD/CNY edged up 0.02% to 6.7070, while EUR/USD dropped 0.20%, confirming structural USD strength; fuel oil futures rose 4.58%, underscoring regional supply tightness.

Brent-WTI spread widened to $4.38/bbl, highest in three months; USD/CNY rose 0.05%, signaling tightening dollar liquidity and renewed Middle East tensions. Fuel oil futures surged +1.34% and asphalt +4.18%, indicating risk premium transmission to physical markets.