Oil Prices Rise as China Suspends Exports Amid US-Iran Diplomatic Efforts

Oil prices rose around 2% on Thursday after China suspended oil products exports, potentially tightening fuel markets already coping with supply shortages globally. The December Brent crude futures contract traded at $100.09 per barrel, up 2.1%, or $2.06, from Wednesday's close.

The US-Iran diplomatic efforts remain in focus, with the Trump administration reportedly telling Germany and France to draw down emergency diesel inventories to help ease global fuel prices or face a potential US diesel export ban. Saudi Arabia resumed oil tanker loadings from Yanbu after earlier restarting operations on its East-West Pipeline.