Oil Prices Surge as China Cuts Fuel Exports
TDT | Manama
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Crude oil prices rebounded sharply as reports of tighter Chinese fuel exports raised concerns over global supply. Brent crude jumped 3.7% to around $101.66 a barrel, while West Texas Intermediate (WTI) rose 2.3% to $92.53. Chinese state-owned oil companies, including PetroChina, reportedly cancelled several planned gasoline and jet fuel shipments for October as Beijing prioritised domestic inventories.
The move comes amid already tight refined-product markets, supporting higher oil prices. Gains were partly limited by increased Saudi Arabian shipments through the Red Sea port of Yanbu. Saudi Arabia is using its East-West Pipeline to bypass disruptions affecting the Strait of Hormuz.
Meanwhile, US stocks opened October on a mixed note. Technology shares edged higher, supported by AI-related companies and easing inflation data, while the S&P 500 and Dow Jones slipped modestly. Investors continued to monitor energy prices, inflation trends and geopolitical developments as the final quarter of 2026 begins.
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