Oil Prices Spike on China's Export Ban

Oil prices surged higher after China suspended exports of petroleum products, exacerbating global supply shortages.

According to Reuters sources, Beijing's move has caused a sharp increase in oil prices, with North Sea Brent crude rising by 3.45% and trading near $101.40 per barrel.

US light crude West Texas Intermediate (WTI) also increased by about 2.3%, trading near $92.50 per barrel.

UBS analyst Giovanni Staunovo attributed the move to concerns over the availability of petroleum products on China's domestic market, stating that it remains unclear whether this will lead to higher crude oil imports.