The M1 (Sep’25) Brent futures contract has been rangebound between $68.60/bbl and $69/bbl this morning, although prices appear to be breaking out of this morning’s range, printing at $69.17/bbl at 11:30 BST (time of writing). The soon-to-be-prompt Oct’25 Brent futures contract has moved similarly to the Sep’25 tenor, with prices oscillating between $67.80/bbl and $68.30/bbl, although they sit at $68.40/bbl at the time of writing. The market has gathered stability from an agreed-upon trade deal between the EU and the US. The deal set an import tariff of 15% on most EU goods, half of the previously threatened rate by US President Donald Trump. Attention will now shift to US and Chinese officials meeting in Stockholm today, aiming to extend their tariff truce ahead of the upcoming 12 Aug deadline. As a part of the “fourth phase of their military operations against Israel”, the Yemen-based Houthis reportedly said that they will target any ships belonging to companies that do business with Israeli ports, regardless of their nationalities. Spanish refiner Moeve (formerly known as Cepsa) reported that its net profit declined by 19% in 1H 2025 due to the impact of a massive power blackout in April in Spain and Portugal on its refineries. In other news, a Reuters source said Saudi Arabia may hike their September 2025 official selling price (OSP) for flagship Arab Light Crude by $0.90-$1.05/bbl m/m to $3.10-3.25/bbl. Their survey showed that the September OSPs for Arab Extra Light, Arab Medium and Arab Heavy could rise $0.80-0.95/bbl m/m. Finally, at the time of writing, the Sep/Oct’25 and Sep/Mar’25 Brent futures spreads stand at $0.81/bbl and $2.44/bbl, respectively.
