Oil Prices Soar on US Military Presence and China's Export Halt

Oil prices surged last night after reports that the U.S. sent a third aircraft carrier to the Middle East, adding up to 10,000 American troops.

China suspended oil product exports in October, removing another source of diesel for the world.

The combination of these developments sent WTI crude prices to $93.01 per barrel and Brent crude to $102.60.

Jet fuel prices are expected to rise due to China's export halt, which will likely impact stock markets that had priced in high jet fuel costs.

American Airlines (AAL) and Southwest Airlines (LUV) have been affected by the higher jet fuel prices, while Carnival (CCL) and Royal Caribbean (RCL) rebounded last week but remain lower than their July highs.