US-Iran Tensions Send Oil Prices Soaring as China Restricts Fuel Exports

Oil prices edged higher on Friday as tensions in the Middle East and China's fuel export restrictions supported prices. The US is considering additional military deployments to the region, which could escalate tensions with Iran and disrupt energy supplies.

Brent crude rose to $102.58 a barrel, up 0.26%, while WTI crude stood at $92.91 a barrel, up 0.04%. Crude prices have increased for three consecutive sessions due to concerns over tighter fuel supplies from China and mounting geopolitical risks in the Middle East.

China restricted fuel exports in March following the US-Israeli war on Iran, and while curbs were relaxed in July, Beijing is now managing diesel, gasoline, and jet fuel shipments on a monthly basis. The country's latest move has added to concerns over global fuel supplies.