Oil prices rose sharply on Thursday after China suspended exports of refined petroleum products beyond Hong Kong and Macau, adding to concerns over tightening global fuel supplies.
Brent crude for December delivery gained $3.02, or 3%, to $101.06 a barrel, while US West Texas Intermediate (WTI) rose $1.67, or 1.9%, to $92.09.
The move comes as global diesel supplies remain under pressure from disruptions linked to the Middle East and Ukraine conflicts. Analysts said China’s export suspension could further reduce the availability of refined fuels, particularly in markets already facing shortages.
Asian gasoline refining margins reached a record $50.53 per barrel above Brent, while European diesel margins stood near $78.22.
Meanwhile, Saudi Arabia resumed oil tanker loadings at Yanbu, providing some relief to markets. OPEC+ producers are also expected to keep November output targets unchanged at their upcoming meeting on Sunday.
