Oil prices rise 2% as China suspends fuel exports

Oil prices gained about 2% on Thursday, according to The Express Tribune, after four people briefed on the matter said Chinese refiners had halted fuel product shipments to destinations beyond Hong Kong and Macau. UBS analyst Giovanni Staunovo read the ban as a sign that officials worry about fuel stocks at home, though it remains unclear whether it will lift crude imports. The new December Brent contract traded at $100.09 per barrel early in the session, up $2.06 from Wednesday's close.

Diesel supply has tightened as refining capacity fell after attacks tied to conflicts in the Middle East and Ukraine. The Trump administration has reportedly urged Germany and France to release emergency diesel stocks or face a possible US diesel export ban, according to three sources familiar with the talks. European diesel refining margins eased about 4% from the previous session to around $80.05 per barrel, below the record $95 reached on September 23.

Investors are also watching diplomacy aimed at ending the US-Iran war. Iran said it received a US response to its latest proposal for reviving the collapsed Gulf ceasefire, but President Donald Trump denied reports that he would offer sanctions relief in exchange for concrete nuclear steps. Goldman Sachs estimated Gulf oil exports, including shipments with tracking transponders switched off, recovered to 23.3 million barrels per day last week, in line with the 2025 average.