Brent Crude Jumps Above $102 Amid Global Fuel Supply Concerns

Oil prices surged on October 1, driven by concerns over global fuel supplies. Brent crude settled at $102.31 per barrel, a gain of $4.28 (4.37%) for the day.

The increase was largely due to China's suspension of oil-product exports beyond Hong Kong and Macau until further notice. Chinese refiners have halted shipments to ensure domestic fuel inventories remain above pre-war levels.

Analyst Giovanni Staunovo noted that this move is 'a sign of concern over the availability of oil products within China.'