India's refiners pay ~$10 over Brent as spot Gulf crude premiums spike
Red Sea and Hormuz disruptions are cutting term-deal supply, so Indian refiners are being pushed into pricey spot Gulf crude that now runs about $10 a barrel above Brent. The discounts on Russian and Venezuelan crude that appeared during the US-Iran truce have largely evaporated as the 60-day ceasefire expired, squeezing margins and forcing refiners toward the US, Brazil and Guyana.