Brent Crude Surges Past $103/Barrel Following Chinese Fuel Export Suspension

International benchmark Brent crude climbed past $103 per barrel, extending daily gains by roughly 5% after major Chinese refiners suspended refined product exports until further notice.
The abrupt policy shift—enacted ahead of China's national holiday and following diplomatic discussions between Washington and Beijing—aims to preserve domestic product inventories amid severe global supply tightness caused by the ongoing Middle East conflict.
Market analysts note that while crude shipping routes through the Middle East have partially recovered, the sudden removal of Chinese gasoline, diesel, and jet fuel from international markets has widened crack spreads and exacerbated global distillate shortages, adding immediate inflationary pressures just as U.S. consumer sentiment and Treasury yields face multi-year highs.