Oil Prices Soar on China Export Ban and US Military Buildup

Oil prices surged on Thursday, rising over $4 per barrel, amid reports that China has suspended fuel exports and the US is sending more troops to the Middle East.

The December Brent crude futures contract settled at $102.31 a barrel, up 4.37% or $4.28. US West Texas Intermediate crude futures finished at $92.87 a barrel, up 2.71%, or $2.45.

The increase in oil prices was triggered by the Wall Street Journal's report that the US is sending a third aircraft carrier and up to 10,000 more troops to the Middle East as President Donald Trump weighed resuming strikes on Iran after the US midterm elections.

'Now I have to make a decision. They'll either sign a very fair deal, or they won't exist any longer,' Trump said in comments that contributed to a volatile trading session.