China's Fuel Export Halt Sends Oil Prices Soaring to $101

Global oil prices rose on Thursday after China suspended fuel exports beyond Hong Kong and Macau, adding pressure to already tight fuel markets.

The move comes as Chinese refiners have halted oil product exports to regions beyond Hong Kong and Macau until further notice. This is in addition to reduced refining capacity globally due to attacks associated with the wars in West Asia and Ukraine.

As a result, the new front-month December Brent crude futures contract was trading at USD 101.20 a barrel, up 3.2 per cent or USD 3.17 from Wednesday's close.

The US-Israeli war on Iran continues to be a concern for investors, who are monitoring diplomatic efforts to end it and assess its impact on global oil supplies.