Oil jumps 4% on reports China halts fuel exports, US reportedly sends troops to Middle East
USO•Oil settled more than $4 a barrel higher after reports that China suspended fuel exports and the US was sending more troops and carriers to the Middle East. December Brent settled at $102.31 a barrel, up 4.37%, while WTI finished at $92.87, up 2.71%.
1. Oil prices rise
Oil prices settled more than $4 a barrel higher on Thursday. December Brent crude futures settled at $102.31 a barrel, up 4.37%, and US West Texas Intermediate futures finished at $92.87, up 2.71%.
2. Supply concerns grow
A report said the US was sending a third aircraft carrier and up to 10,000 more troops to the Middle East. Chinese refiners suspended oil product exports beyond Hong Kong and Macau until further notice, four sources said. UBS analyst Giovanni Staunovo said the export ban suggested concerns about domestic product availability.
3. Diesel shortages persist
Diesel and other refined products remain in short supply following damage to refinery infrastructure in the Gulf and Russia. Russia has banned diesel exports through October, and President Vladimir Putin said Russia would not supply diesel to global markets until sanctions against Moscow are lifted. Analysts raised their average 2026 Brent price forecast to $89.05 a barrel.
