Insurance Risk Easing

Global maritime insurers have begun lowering 'war risk' surcharges for the Persian Gulf following the peace deal. This is immediately reducing the landed cost of barrels arriving at European and Asian refineries.

Refinery Intake Normalization

With the backlog of 40+ tankers beginning to move, refineries are finally seeing a path to normalizing their crude slate. This is expected to ease the extreme pressure on North Sea and West African prompt grades.