The Oct’25 Brent crude futures weakened on Wednesday afternoon, falling from $69/bbl to $67.20/bbl before rebounding towards $68/bbl by 17:45 BST (time of writing). In the news, Saudi Aramco raised the OSP for Arab Light to Asia by $1/bbl to $3.20/bbl above the Oman/Dubai average for September. President Trump announced an additional 25% tariff on goods from India in response to its continued purchase of Russian oil, on top of the existing 25%. According to Reuters sources, a restart of Iraq’s Kurdish oil exports via Turkey’s Ceyhan pipeline is not imminent, despite Iraqi oil minister saying that a resumption was expected on Wednesday or Thursday, after a two-year hiatus. TotalEnergies sold a 45% stake in two Vaca Muerta oil and gas blocks to YPF for $500 million, aiming to refocus on lower-cost core assets in Argentina and major projects in Suriname and Brazil. Dubai-based oil trader 2Rivers, formerly Coral Energy, has begun formal dissolution after UK and EU sanctions, despite denying any breach of Russian oil measures and pledging to challenge the restrictions. Finally, the front (Oct/Nov) and 6-month (Oct/Apr) Brent futures spreads are at $0.65/bbl and $1.80/bbl respectively.
