Oil prices climbed Thursday, Oct. 1, as uncertainty over Chinese fuel exports added to concerns about tight refined-product supplies, while fresh attacks on tankers in the Strait of Hormuz kept Middle East shipping risks in focus.

At about 11:20 a.m. ET, December Brent crude was trading near $101/bbl, up roughly $3/bbl on the day.

The move followed reports that Chinese refiners had paused some October exports of diesel, gasoline, jet fuel, and other products. Reuters, citing industry sources, reported that major refiners had not received approval to ship fuel to markets outside Hong Kong and Macau as China began its week-long national holiday on Oct.1. No broader suspension had been formally announced by Chinese authorities.

PetroChina also was reported to have canceled several gasoline and jet fuel cargoes scheduled for October. It remains unclear whether export approvals will resume after the holiday ends Oct. 7.

A prolonged reduction in Chinese exports would remove an important source of incremental supply from a product market already strained by Middle East disruptions and reduced Russian refining availability. It could lift refining margins and prompt refiners elsewhere to process more crude, providing support for crude demand and prices. Asian diesel markets strengthened on expectations of lower Chinese exports.

Shipping risks in the Middle East also remained elevated. Three Liberian-flagged oil tankers were struck by unidentified projectiles while transiting the Strait of Hormuz Sept. 29, according to shipping intelligence provider Marisks. The incidents underscored continued security risks along one of the world's most important energy transit routes, even as Gulf oil exports continue to recover.

Goldman Sachs estimated Gulf exports at 23.3 million b/d in the latest week, including shipments by vessels operating with Automatic Identification System transponders switched off, broadly in line with the 2025 average. Saudi Arabia also has resumed tanker loadings from its Red Sea terminal at Yanbu following the restart of its East-West Pipeline.