Oil surges 2% amid China export halt

Oil prices rose by about 2% today, Thursday, amid China's suspension of petroleum product exports, raising concerns over potential supply shortages in global markets. Brent crude increased by 2.1% to reach $100.09 per barrel, while West Texas Intermediate rose by 2.28% to $92.48, due to Chinese refineries halting fuel exports and a worldwide decline in refining capacity, leading to pressure on diesel markets. These developments prompted the U.S. administration to inform Europe of the need to draw down their diesel stocks to reduce prices, as reactions to easing efforts in the Middle East are being closely watched. Meanwhile, Washington denied easing sanctions on Iran in exchange for nuclear steps.

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