Brent benchmark oil prices have risen by $3 after China suspended oil products exports, potentially tightening fuel markets already coping with supply shortages globally, while investors continue to assess diplomatic efforts to end the US-Israeli war on Iran, Reuters reports.

The new front-month December Brent crude futures contract has traded at $101.06 per barrel at 1452 GMT (7:52pm PKT), up three per cent, or $3.02, from Wednesday’s close.

The November contract expired on Wednesday, settling at $103.50 per barrel, marking a monthly gain of around 14pc in September for the front-month contract.

Meanwhile, US West Texas Intermediate crude futures are up $1.67, or 1.9pc, at $92.09 a barrel, having traded close to $93 earlier in the session.