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Russian oil prices hit new highs
Russian oil prices have surged significantly due to accelerating Chinese purchasing, with refineries preferring to import spot shipments to compensate for supply shortages, especially after restrictions on Iranian oil and disruptions in the Strait of Hormuz. The price of "Espo" crude for November delivery rose to a premium of over $20 above the Brent futures price, double the premium paid just a few weeks earlier. Additionally, oil shipments from West Africa and Brazil recorded record premiums of around $30 over the global price. This rising demand has driven up prices between remote production regions, amid limited supply options for refineries.
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