Oil Prices Soar as China Halts Exports and US Deploys More Troops

Global oil prices surged more than 4% on Thursday after China announced it would halt exports of petroleum products to all regions except Hong Kong and Macau until further notice. This move, combined with the US Department of Defense's plan to deploy additional troops to the Middle East, has energy markets on edge.

The Brent crude price closed up 4.37% at $102.31 per barrel on the ICE Futures Exchange, while West Texas Intermediate finished 2.71% higher at $92.87 per barrel on the New York Mercantile Exchange. Hamad Hussain, chief economist at Capital Economics, said China's fuel export restrictions 'will act as another pressure point on a global fuel market where supply is already extremely tight.'

The US Department of Defense plans to send a third aircraft carrier strike group and Marine Corps vessels to the region by the end of next month. Additionally, 9,000 to 10,000 troops are expected to be deployed to the Middle East.