Oil prices rise 2% after China export limits
- Oil prices rose about 2% after China suspended oil product exports beyond Hong Kong and Macau, raising concerns about fuel supply.
- Brent crude futures increased 2.1% to $100.09 per barrel, while WTI rose 2.28% to $92.48 per barrel.
- Investors continued monitoring Middle East diplomacy and global fuel supply conditions amid ongoing market uncertainty.
Oil prices rose around 2% on Thursday after China suspended oil product exports to regions outside Hong Kong and Macau, adding pressure to global fuel markets affected by supply disruptions.
Front-month December Brent crude futures traded at $100.09 per barrel at 0829 GMT, up $2.06 or 2.1%, while U.S. West Texas Intermediate crude increased $2.06 or 2.28% to $92.48 per barrel.
Chinese refiners suspended exports of oil products until further notice, according to people briefed on the matter, while global diesel supplies remained affected by reduced refining capacity linked to disruptions in the Middle East and Ukraine.
Following the market move, Brent crude futures were trading at $100.09 per barrel and West Texas Intermediate crude futures were trading at $92.48 per barrel.
Oil markets also continued tracking diplomatic discussions involving the United States and Iran, alongside developments in Middle East oil exports and supply routes.
Goldman Sachs estimated Gulf oil exports, including shipments from vessels operating with location transponders turned off, recovered to 23.3 million barrels per day over the previous week, matching the 2025 average.
