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Oil prices surge past $102
Oil prices rose significantly at the end of Thursday's trading session following China's decision to ban fuel exports and ongoing positive developments in talks to end the war between the United States and Iran, which led to substantial monthly gains. Brent crude increased by $4.28 to reach $102.31 per barrel, while West Texas Intermediate closed at $92.87. This translates to a 14% monthly increase for Brent and a 5% rise for U.S. crude. The rise is attributed to continued buying amid concerns over supply availability, especially as Saudi Arabia resumed exports from the Yanbu port, despite U.S. oil inventories having increased by nearly 1 million barrels to 427.3 million barrels at the end of September.
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