Oil prices rose again on Friday, building on a sharp jump from the day before. Two separate developments are driving the move: China’s decision to pause fuel exports, and a US military build-up near the Middle East.
| Benchmark | Price | Change | % Change |
|---|---|---|---|
| Brent Crude | $102.60/barrel | +$0.29 | +0.28% |
| WTI Crude | $93.14/barrel | +$0.27 | +0.29% |
Brent crude, the global oil benchmark, gained 29 cents to $102.60 a barrel. West Texas Intermediate (WTI), the main US benchmark, rose 27 cents to $93.14. Both figures were recorded early Friday.
The real move happened a day earlier. On Thursday, Brent closed more than $4 higher, and WTI jumped over $2. Friday’s gains are smaller by comparison, suggesting the market is pausing rather than extending that rally.
Why Oil Jumped This Week
Two reports triggered Thursday’s spike.
First, the Wall Street Journal reported that the US is sending a third aircraft carrier and up to 10,000 more troops to the Middle East. President Trump is reportedly weighing new strikes on Iran once US midterm elections are over.
Second, China suspended fuel exports again. Beijing first restricted diesel, gasoline, and jet fuel exports in March, eased the curbs in July, and has been managing shipments on a month-to-month basis since. China entered a weeklong holiday on Thursday without clearing major refiners to export fuel anywhere except Hong Kong and Macau this month. It is not yet clear if exports will resume once the holiday ends on October 7.
