The Dec’25 Brent futures contract rose this morning, from $62.34/bbl at 04:00 BST to $62.54/bbl at 07:30 BST before falling to $62.22/bbl at 12:00 BST (time of writing). In the news, Reuters have reported that Indian refiners are preparing to cut Russian oil imports through a gradual reduction, as the US continues to put pressure on New Delhi for its Russian crude purchases. Overnight, US President Trump has said that Prime Minister Modi has pledged that India will cease Russian oil imports, though the Indian foreign ministry did not respond to Trump’s comments in a statement this morning. Russian Deputy PM Alexander Novak has responded by saying that Russia remains confident in its partnership with India. In other news, US Treasury Secretary Scott Bessent via X has said that the Trump administration expects Japan to cease Russian energy imports. While Japan has agreed in line with other G7 countries to phase out Russian oil, it continues to purchase Sakhalin Blend crude. In Ukraine, President Zelenskyy has reported a barrage of overnight attacks on Ukrainian gas infrastructure in the central and northeast regions. Finally, at the time of writing, the front month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.28/bbl and $0.24/bbl.
