Chinese Refinery Export Ban Sends Oil Prices Soaring Again
Oil prices are surging again as reports emerge that Chinese refiners banned fuel exports in October, prompting concerns about supply chain disruptions.
The decision by Beijing to preserve domestic stocks has led to a reversal of losses for Brent crude, the international benchmark, which gained 2.20% and climbed above $100 a barrel again.
West Texas Intermediate, the U.S. benchmark, also rose 1.21% to $91.52 as the news sparked concerns about oil supply chain disruptions.
The ban on fuel exports is not the only factor contributing to rising oil prices, as tensions between the U.S. and Iran continue to escalate. Secretary of State Marco Rubio ordered the Iranian delegation to leave the U.S. after failing to make progress in negotiations to achieve a ceasefire deal and reopen the Strait of Hormuz.