Maritime Insurance Sticky

Insurance underwriters have not yet lowered 'war risk' premiums for the Gulf of Oman, citing a lack of verified de-escalation on the water. This keeps the delivered cost of Brent significantly higher than the paper market suggests.

North Sea Maintenance

Seasonal maintenance in the North Sea is further tightening the Brent basket. With Middle Eastern flows offline, any disruption to European domestic production is amplified in the current spot price.