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Russian oil prices rise on Chinese demand
Russian oil prices surged to record highs, with the November-delivery "ESPO" crude trading at a premium of over $20 per barrel above Brent crude. This reflects increased demand from Chinese refineries, which are rushing to purchase spot shipments to meet their needs amid shrinking alternative supply options. The decline in independent refineries' access to Iranian supplies due to recent restrictions and developments, along with shipping disruptions in the Strait of Hormuz, are contributing factors. Intense competition has also driven the premiums on shipments from West Africa and Brazil to approximately $30 above the global price.
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