Oil rebounds. Hormuz tensions return. Freight keeps falling. Diesel surges while jet weakens.

The physical market remains deeply fragmented.

CRUDE | RISK PREMIUM RETURNS

• Brent Jan: $92.76/b ↑$1.27 • WTI Dec: $86.53/b ↑$0.49 • Dated Brent CIF: $95.65/b ↑$2.24

Fresh tanker incidents around Hormuz revived geopolitical concerns.

ADNOC December OSPs: Murban +$4/b · Umm Lulu +$1/b · Upper Zakum −$4/b vs Dubai.

FREIGHT | TWO DIFFERENT MARKETS

• PG → China VLCC: WS1010 • Gulf of Oman → Far East: WS385 • WAF → East VLCC: WS360 ↓45 • Black Sea → Med: WS487.5 ↓25

Inside-Gulf loading still commands a 625-point Worldscale premium over Gulf of Oman.

DIESEL / JET

European diesel rebounded sharply:

• ICE LSGO: $1,342.50/mt ↑$60 • ARA gasoil 50ppm: $1,267.75/mt ↑$56.50

Jet moved the opposite way:

• Singapore jet differential: −$1.84/b • NWE jet premium: +$57.75/mt ↓$15.75

Asian jet remains under pressure from excess supply.

BUNKERS

• Singapore VLSFO: $817/mt ↑$17 • Fujairah VLSFO: $810/mt ↑$7 • Rotterdam IFO 380: $555/mt ↓$13

UREA / AMMONIA

Urea continues weakening:

• Egypt FOB: $505/t ↓$5 • Middle East FOB: $420/t • Brazil CFR: $465/t ↓$7 • NOLA FOB: $420/st ↓$5

Ammonia remains firmer, with Southeast Asian offers reaching $530–540/t FOB.

MARKET SIGNAL

🔺 Brent rebounds on renewed Hormuz risk 🔻 Atlantic VLCC freight continues falling ⚠️ Inside-Gulf freight premium remains extreme 🔺 European diesel jumps $60/mt 🔻 Asian jet differentials weaken further 🔻 Urea prices continue sliding