Oil prices rose on Thursday, reversing earlier losses, after a report revealed that Chinese refiners, including PetroChina, have suspended planned October fuel exports to safeguard domestic supplies. International benchmark Brent crude with December expiry ended 2.4% higher at $100.36 per barrel, while U.S. West Texas Intermediate futures with November expiry gained 2.5% to $92.70. Global energy markets remain under pressure from supply disruptions linked to the U.S.-Iran conflict in the Middle East and Russia’s full-scale invasion of Ukraine. Saudi Arabia restarted operations on its East-West Pipeline from the Yanbu port on the Red Sea, helping ease supply concerns as Iran has blocked the Strait of Hormuz. U.S. Secretary of State Marco Rubio ordered the Iranian delegation visiting America for the UN General Assembly to leave the country.
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