Brent December crude futures rose 2.4% to $100.36 per barrel on October 1, 2026, while West Texas Intermediate (WTI) November futures climbed 2.5% to $92.70 after Chinese refiners halted refined-product exports to destinations outside Hong Kong and Macau until further notice. The suspension tightened international fuel markets, even as crude supplies recovered.
According to data cited by Crux Investor, Middle East crude exports recovered to 17.5 million barrels per day—98% of prewar levels—on a 10-day average, supported by Saudi Arabia restarting its East-West Pipeline and tanker loadings at Yanbu. Tracking firm Kpler recorded at least 16.5 million barrels per day leaving the Gulf excluding Iran, with 40% of cargoes routed around the Strait of Hormuz, compared to 17% prior to disruptions.
Market analysts noted that while crude availability is recovering, refining throughput constraints continue to hold product margins high. European diesel crack margins remained near $80.05 per barrel after reaching a record $95 on September 23, while US distillate inventories stood 14% below their five-year average at 105.2 million barrels.
UBS analyst Giovanni Staunovo stated that the Chinese export halt signals domestic product availability concerns. China has not provided a public end date for the refined-product export restrictions.
Sources
- Gulf News · 2026-10-01
