China Oil Export Ban Sends Global Fuel Prices Soaring

Oil prices surged by more than $4 per barrel due to China's suspension of fuel exports, sparking fears of worsening global fuel shortages.

Brent crude futures settled at $102.31 a barrel after rising 4.37% or $4.28, while US West Texas Intermediate (WTI) crude futures finished at $92.87 a barrel, up 2.71% or $2.45.

PetroChina, the Chinese state major, has cancelled some petroleum and jet fuel cargoes that were expected to be shipped in October, according to Reuters.

China suspended fuel exports previously as it looked to protect its domestic fuel supply amid the Strait of Hormuz crisis.