The Sep’25 Brent futures contract saw lower highs over the afternoon. The contract fell from over $69.20/bbl at 13.45 BST to below $68.45/bbl at 15.09 BST. Although the contract rose above $69.00/bbl around 16.05-16.15 BST, it failed to maintain this and is at $68.95/bbl at 17.20 BST (time of writing). The Lindsey Oil Refinery in North East Lincolnshire will shut after the government failed to find a buyer, following owner Prax’s administration last month, putting 420 jobs at risk. Energy Minister Michael Shanks criticised Prax’s handling, urged them to support workers, and announced guaranteed employment for the coming months plus government-funded training to help workers transition into clean energy jobs, while the Official Receiver seeks buyers for individual assets. Iraq plans to boost crude oil shipments next month, increasing destination-free Basrah Medium exports to around 18mb (20-30% above average). This expansion, part of a broader OPEC+ production surge amid a global supply surplus, includes both destination-free and restricted shipments of Basrah Medium, Basrah Heavy, and Qayara grades. Zambia’s state-owned Industrial Development Corp. signed an MoU with China’s Fujian Xiang Xin Corp. to build a $1.1 billion oil refinery in Ndola, Copperbelt province, with a planned capacity of 60kb/d. The IDC did not disclose the source or transport plans for the crude oil feedstock. Britain imposed new sanctions on two Russian firms: Intershipping Services and oil trader Litasco Middle East DMCC, to pressure Moscow, adding them to its Russia sanctions regime. The update also included 137 additional designations, according to a government notice. US Treasury Secretary Scott Bessent said that the next round of US-China talks may address China’s purchases of sanctioned Russian and Iranian oil, shifting trade negotiations toward national security issues. He warned that buyers of Russian oil could face up to 100% secondary tariffs, urging European allies to follow suit – “I would urge our European allies, who have talked a big game, to follow us if we implement these secondary tariffs”. At the time of writing, the front-month (Sep/Oct’25) and Sep/Mar’26 Brent futures spreads stand at $0.77/bbl and $2.13/bbl, respectively.