Oil prices jump $3 after China halts fuel exports, global supply fears rise
Global oil prices surged by $3 after China suspended fuel exports, intensifying supply concerns and market volatility amid ongoing geopolitical tensions.
Oil prices climbed by $3 on Thursday after China halted fuel exports, spiking supply worries and market turbulence amid ongoing geopolitical tensions. Brent crude for December delivery climbed to $101.06 per barrel, up 3% or $3.02 from the last settlement. US West Texas Intermediate crude also increased by $1.67, or 1.9%, to $92.09 per barrel.
Analysts noted that China's ban highlights concerns over domestic product availability, though its impact on crude imports is still uncertain. Tightening global diesel supplies due to attacks linked to conflicts in the Middle East and Ukraine further pressured markets, with governments intervening to protect consumers. The US administration reportedly asked Germany and France to release emergency diesel reserves, while OPEC+ is expected to maintain November production targets unchanged.
Written by urgent.news from Ajel English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
