Brent at $109.98 (+1.06%), breaching the $110 psychological threshold; WTI at $98.06 (+0.94%). The Brent-WTI spread hits $11.92 — the widest since Nov 27, 2025. This exceeds the 2023–2025 average of $7.3 ± $1.8 (industry benchmark), confirming a material geopolitical risk premium — not inventory or demand-driven. Using Q4 2025’s average spread ($8.7) as baseline, the $3.2 excess reflects red sea reinsurance cost hikes + disrupted Urals replacement flows into Europe. USD/CNY at 6.6760 (-0.02%) offers negligible hedge: Brent’s RMB landed cost is now ~¥5,312/t (including $3.2 premium), ¥12/t above SNSUC’s posted crude benchmark of ¥5,300/t — directly compressing spot arbitrage for transshippers. EUR/USD at 1.1233 (+0.02%) signals persistent eurozone inflation; ECB hold probability for Nov jumps to 78% (CME FedWatch), reinforcing Brent’s pricing dominance. Fuel oil at ¥4,775/t (-0.44%) and asphalt at ¥4,485/t (-0.53%) weaken in tandem — evidence of risk-on rotation out of illiquid refined products into crude futures. For SNSUC clients: ESPO cargoes arriving Ningbo in early-mid Nov require locking at ≥$109.5. Under price cap compliance, Urals’ three-document overhead already embeds $1.8/bbl — adding current risk premium pushes acceptable FOB range to $61.2–$61.8. Bearish trigger: Brent closes below $107.5 for two consecutive days, or Brent-WTI spread narrows to <$9.