Crude oil prices climbed back above $91 a barrel on Thursday, as reports of tightening fuel supplies in China intensified worries over an already disrupted global energy market. PetroChina has reportedly cancelled several gasoline and jet fuel cargoes scheduled for October, with Beijing prioritising the protection of domestic stockpiles.
The development comes as markets continue to grapple with supply disruptions stemming from the conflict involving the US and Iran, as well as the ongoing war in Ukraine. Concerns about an outright crude shortage have eased somewhat, however, after Saudi Arabia resumed tanker loadings at Yanbu following the restart of its East–West pipeline. Shipments of Middle Eastern crude are now nearing pre-war levels, though supplies of refined products—especially gasoline—remain comparatively tight.
Investors are also closely watching the diplomatic backdrop. Uncertainty over US–Iran relations persists following indirect talks, conducted through intermediaries, on the sidelines of the UN General Assembly.
