Oil Prices Surge on Middle East Supply Risks

Oil prices have surged due to concerns about potential disruptions in Middle East supplies and shipping routes.

The US is considering deploying additional military assets to the region, which has increased the geopolitical risk premium in crude markets.

Saudi Arabia's East-West Pipeline has been restarted, and tanker loadings from Yanbu have resumed, helping to restore some regional export capacity.

However, China's reported suspension of fuel exports beyond Hong Kong and Macau in October could tighten refined product markets, potentially driving prices higher.