Oil prices rise as Chinese refiners reportedly ban October fuel exports; Brent crude back above $100

Vessels near the Strait of Hormuz, as seen from Musandam, Oman, Aug. 31, 2026. Stringer | ReutersOil prices rose on Thursday, reversing earlier losses, following a report that Chinese refiners have suspended October fuel exports, further squeezing war-constrained energy markets.International benchmark Brent crude with December expiry was last seen trading 2.4% higher at $100.36 per barrel, having earlier traded 1% lower, while U.S. West Texas Intermediate futures with November expiry rose 2.5% to $92.70.Reuters reported that China's state oil major PetroChina canceled a handful of gasoline and jet fuel shipments that were planned for October, citing multiple unnamed sources, as Beijing looks to safeguard domestic supplies. CNBC could not independently verify the report. Global energy markets have been grappling with supply disruptions from the U.S.-Iran war in the Middle East and Russia's full-scale invasion of Ukraine.Oil prices had moved higher earlier in the session as investors parsed a recovery in Middle East crude exports.Stock Chart IconStock chart icon brent UOB in a note Thursday said that crude flows from Middle East were reportedly nearing pre-war levels, but fuel suppli...