Tight physical barrels narrow sour-crude discounts to Brent; Dubai-Oman premium divergence and freight, not FX, decide the delivered ranking of ESPO, Dubai and Oman.

SOMO’s November Asia OSP for Basrah Medium and Heavy remains at -2.80 and -5.80 USD/bbl respectively; net delivered discounts have deepened notably, with Heavy offering stronger relative value. Brent front-month settled at 110.122 USD/bbl on 2026-10-29 (-1.36%), while Hormuz Strait passage data has been unavailable since 2026-03-01 per IMF PortWatch.

As of Oct 29, public market data shows Brent at USD 110.12/bbl (-1.36%) and WTI at USD 101.51/bbl (-1.24%); the Iran–Saudi–Turkey–Pakistan high-level security talks eased diplomatic risk premium. SOMO’s November Asia OSP for Basrah Medium is -2.80 USD/bbl and for Basrah Heavy is -5.80 USD/bbl (OSP is official pricing published by SOMO; JODI does not cover OSP, but SOMO’s OSP is policy-based and publicly issued).