Global Fuel Shortages Loom as China Halts Exports and US Deploys Troops
Oil prices surged on Thursday after reports emerged that China suspended fuel exports and the US was sending more troops to the Middle East, sparking concerns of global fuel shortages.
The new front-month December Brent crude futures contract settled at $102.31 a barrel, up 4.37% or $4.28, while US West Texas Intermediate crude futures finished at $92.87 a barrel, up 2.71%, or $2.45.
According to a Wall Street Journal report, the US is sending a third aircraft carrier and up to 10,000 more troops to the Middle East as President Donald Trump weighs resuming strikes on Iran after the US midterm elections.
Trump told reporters that he was weighing his options on Iran, saying 'Now I have to make a decision. They'll either sign a very fair deal, or they won't exist any longer.'