Brent settled at $102.36/bbl, up $4.42, while WTI printed $92.89, up $2.73. The $9.48 gap between the two benchmarks is the widest we have seen in weeks.

For Chinese refiners, choosing between ESPO, Dubai and Oman grades is no longer a flat-price call. A wider Brent–WTI gap makes US Gulf WTI cargoes look cheaper on paper, but the 50–55 day voyage to North Asia eats most of that edge. ESPO from Kozmino reaches North Asian ports in 5–7 days, keeping its freight advantage intact.

The yuan held at 6.705 against the dollar, so import parity cost moves almost one-for-one with crude. There is no currency cushion this round; Brent's $4.42 rise shows up directly in the delivered price.

Operator read: when the spread exceeds $9, screen WTI against Dubai on a delivered basis every week. Do not assume WTI is automatically the cheaper barrel.