The Dec’25 Brent futures fell to $65.63/bbl at 15:00 BST before recovering to $65.73/bbl at 17:00 BST and softening to $65.56/bbl at 17:50 BST (time of writing). In the news, Denmark’s Environment Ministry has said that they are strengthening inspections on oil tankers passing through its waters, as a response to Russia’s growing shadow fleet. Elsewhere, Reuters have reported that Russia’s Kirishi oil refinery (capacity 160kb/d) has halted a crude distillation unit following Ukrainian drone attacks over the weekend; the closure is expected to take around a month. Reuters reported that more Russian crude oil has been made available for Indian refiners, as Ukrainian drone attacks hinder Russian refining capability. In other news, Iranian Oil Minister Mohsen Paknejad has said that a new discovery made in the Pazan gas fields of southern Iran has added 10 trillion cubic feet of gas to national reserves. Finally, at time of writing, the front month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.42/bbl and $0.84/bbl, respectively.
