Oil Prices Surge Amid China Export Ban and US Military Buildup

Oil prices surged on Thursday, settling up more than $4 a barrel after reports emerged that China has suspended fuel exports and the US is sending troops to the Middle East.

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

China's decision to halt fuel exports has stoked fears of global fuel shortages worsening, with UBS analyst Giovanni Staunovo saying that the measures suggest concerns about domestic product availability.

The US is also increasing its military presence in the Middle East, with President Donald Trump weighing resuming strikes on Iran after the US midterm elections.