Saudi Oil Recovery Meets Record Freight Costs, Tanker Risks; China Halts Product Exports

Saudi Arabia's oil export recovery is colliding with record freight costs and mounting tanker risks, keeping Brent near $100. China's Ministry of Commerce has stopped issuing refined product export licenses, prompting state-owned firms to cancel October-loading cargoes, removing a key safety valve for Asia's product market. The export ban is likely temporary but tightens global refined product supply, supporting prices.