Global oil prices rose slightly on Thursday as investors worldwide watched the upcoming meeting between Donald Trump and Xi Jinping in Beijing amid concerns about the Iran conflict and global energy supply.
Brent crude oil futures increased by 13 cents, or 0.12%, to $105.76 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 12 cents, or 0.12%, to $101.14 per barrel.
Both contracts had plunged sharply on Wednesday as investors worried that the U.S. Federal Reserve might raise interest rates again, with Brent falling more than $2 per barrel and WTI dropping over $1.
Trump arrived in Beijing Wednesday evening and was scheduled to hold multiple rounds of talks with Xi Jinping, covering key issues such as trade, bilateral relations, the Iran conflict, and arms sales to Taiwan.
Although Trump stated he did not believe the U.S. needed China's help to end the Iran conflict, analysts suggest the U.S. leader would likely raise this issue with China to seek support in resolving the costly conflict, which faces heavy domestic criticism.
Tony Sycamore, an analyst at IG, said that without concrete progress in reopening shipping lanes, the U.S. might have limited options other than resuming additional military operations.
Reports indicate that Iran has tightened control over the Strait of Hormuz, a vital global oil shipping route, and has made agreements with Iraq and Pakistan to transport oil and liquefied natural gas out of the region.
Meanwhile, China remains the world's largest buyer of Iranian oil despite pressure from U.S. sanctions. Data shows that over 80% of Iran's oil exports in 2025 were destined for China, as Chinese independent refineries continue to purchase discounted Iranian oil.
Analysts believe that if China continues to support Iranian oil imports, economic pressure on Tehran will ease, complicating U.S. efforts to pressure Iran.
. Source: channelnewsasia
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