China's Fuel Export Freeze Sends Global Oil Prices Soaring
China's decision to suspend fuel exports has sent global oil prices surging by around 2%.
The move, which affects destinations other than Hong Kong and Macau, comes amid supply disruptions linked to the Middle East and Russia.
The December Brent crude contract rose 2.1%, or $2.06, to $100.09 per barrel, while US West Texas Intermediate (WTI) crude gained $2.06, or 2.28%, to reach $92.48 per barrel.