Oil Prices Soar as China Halts Fuel Exports and US Sends Troops to Middle East

Oil prices surged on Thursday after reports that China halted fuel exports and the US sent more troops to the Middle East, sparking concerns about global fuel shortages.

The 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.

The Wall Street Journal reported that 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 at the White House that he was weighing his options on Iran: 'Now I have to make a decision. They'll either sign a very fair deal, or they won't exist any longer.'