WTI breached the critical psychological level of $97.5, closing at $97.34/bbl (−0.65%); Brent fell to $105.39/bbl (−0.50%), yet the Brent–WTI spread widened to $8.05 — the largest since October 6. This is not a supply-demand mismatch but a systemic unwind of geopolitical risk premium: no material escalation in Middle East ceasefire talks, while US inflation metrics showed moderation, jointly weakening forward inflation anchoring. Fuel oil futures dropped 1.39% to ¥4,769/t, confirming liquidity premium compression in high-volatility assets. USD/JPY surged past 158.14, with JPY depreciating 0.10% intraday — triggering BOJ’s second verbal intervention failure after October 14; this rate now exceeds BOJ’s implied intervention ceiling (157.5 ± 0.5), signaling a materially narrowing YCC policy exit window. EUR/USD slid to 1.1212 as Eurozone HICP preliminary YoY came in below expectations, with core inflation proving softer than expected — lifting ECB December cut probability. CNY weakened modestly by 0.04% to 6.6914, but its depreciation slope flattened sharply: KRW appreciated 0.29% (USD/KRW = 1345.6), underscoring stronger export chain resilience in China vs. Korea’s electronics/auto exports. For SNSUC’s transshipment clients, the current Brent–WTI spread has widened significantly, effectively shutting ESPO/Dubai arbitrage windows. Meanwhile, persistent JPY weakness lifts Japanese refiners’ real-cost for dollar-denominated fuel oil imports — we estimate a notable effective cost increase versus baseline levels. Upside risk: Ground escalation in Israel–Lebanon conflict could push Brent back toward $108. Downside trigger: A WTI break below $96.20 confirms technical breakdown and full geopolitical premium clearance. Action: Cease new long Brent positions immediately; for clients with fixed ESPO vessel schedules, initiate Brent–WTI spread shorts in the $104.50–$105.00 range to hedge transshipment margin erosion.