Russian ESPO crude premium hits record $20-30/bbl as Middle East shocks lift Chinese demand

Russian Far East ESPO crude prices have surged past $120 per barrel, with the grade's premium over ICE Brent reaching a record $20-30/bbl, driven by Chinese buying amid Middle East supply disruptions. The widening premium signals acute regional supply tightness and a shift in Chinese procurement toward Russian grades, though the sustainability of this demand and the impact of potential sanctions remain uncertain.