Oil Prices Surge as China Halts Fuel Exports

Oil prices surged on Thursday as China halted fuel exports, further tightening an already strained global market. The price of West Texas Intermediate (WTI) crude jumped to approximately $92.48 per barrel, up $2.06 from Wednesday's settlement. This represents a gain of about 2.28%.

The Brent crude price also rose, reaching around $100.09 per barrel on the current December contract, up $2.06 or 2.10% from Wednesday's comparable December settlement.

China's decision to suspend fuel exports for October has added pressure to global gasoline and diesel supplies, which are already tight due to ongoing disruptions in the Middle East, Ukraine, and Russia.