Oil Prices Soar as US Troops Deploy to Middle East Amid Fuel Export Ban

Oil prices surged on Thursday, settling up over $4 per barrel after a report revealed the US was sending more troops and carriers to the Middle East, stoking fears of global fuel shortages.

The new front-month December Brent crude futures contract settled at $102.31 per barrel, up 4.37 percent or $4.28, while US West Texas Intermediate crude futures finished at $92.87 per barrel, up 2.71 percent or $2.45.

The Trump administration's decision to send a third aircraft carrier and up to 10,000 more troops to the region, combined with China's suspension of fuel exports, contributed to the volatile trading session.

UBS analyst Giovanni Staunovo said that the Chinese export ban suggests concerns about domestic product availability, but it remains to be seen whether the measures will support higher crude imports after recent drawdowns in Chinese crude and fuel stocks.