Brent up 1.15% at $114.47/bbl, WTI up 1.32% at $100.78/bbl: $13.69 spread — widest since Aug 2025. Fuel oil +6.80%, signaling extended Middle East–Red Sea voyage legs and re-priced war risk insurance. USD/CNY down 0.04%, but EUR/CNY down 0.34%, transmitting hedging pressure to European importers.

Brent up 1.06% to $109.98, WTI up 0.94% to $98.06; Brent-WTI spread widens to $11.92 — widest since Nov 2025. USD/CNY dips 0.02%, insufficient to offset oil surge. Geopolitical risk premium now lifts ESPO and Urals transshipment cost floors.

Fuel oil futures surged sharply — largest one-day gain in 3 weeks; Brent fell -1.75% to $107.94, opening arbitrage window. East China bonded tank utilization is tight; Ningbo-Zhoushan demurrage has risen notably. Regional haulage breakeven threshold has accordingly moved higher. Major East China bonded oil terminals (Yangshan, Ningbo, Zhoushan) are experiencing tight tank availability. Four VLCCs carrying fuel oil have arrived but not secured immediate berthing, leading to markedly extended waiting times. Demurrage quotations have risen significantly from levels observed on October 12. Extended laytime + bonded transfer dual advantage. Price trigger for strategic shift: demurrage breaches conventional levels significantly, or fuel oil daily gain reaches a notable magnitude.