Both benchmarks rallied in the same direction today: Brent settled at $109.93/bbl, up 3.78% on the day, while WTI closed at $101.85/bbl, up 3.96%. The synchronized move pushed the Brent–WTI spread back to $8.08, signalling that risk premium and physical buying are driving the tape together rather than a single regional supply shock.

For SNSUC's transshipment book the listed price is anchored to Brent, not WTI. Using the formula Brent × USD/CNY (6.687) × 7.33 × grade factor, the grade-1.0 delivered basis moves from last week's ¥5,045/t to ¥5,388/t, roughly ¥343/t higher. The seven grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula — each carry a differential against Dated Brent before the CFR China / Southeast Asia split is struck.

Operationally the OSP premium or discount to Dated Brent does not automatically widen just because absolute prices rise, but the higher tonnage value directly consumes letter-of-credit headroom: a 1-million-barrel ESPO LC sees its notional rise by about $1.1m on the lifted basis, and the issuing bank will review margin ratios more frequently.

WTI matters here only as an arbitrage reference. When the Brent–WTI spread holds above $8, the US Gulf-to-Asia arbitrage theoretically narrows, yet firm VLCC rates and tight tonnage keep physical flows from re-routing. The screen spread reflects Cushing drawdown speed more than any Far East spot tightness.