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

Oil prices surged by over 4% on Thursday after reports emerged that China had halted fuel exports and the US was sending more troops to the Middle East. The Wall Street Journal reported that a third aircraft carrier and up to 10,000 additional troops were being deployed to the region.

US President Donald Trump confirmed he was considering resuming strikes on Iran, stating 'Now I have to make a decision. They'll either sign a very fair deal, or they won't exist any longer.'

China's suspension of fuel exports added to concerns about global supply, with UBS analyst Giovanni Staunovo saying the move 'suggests concerns about domestic product availability'. However, he noted that it remains to be seen whether this will lead to higher crude imports after recent drawdowns in Chinese stocks.