Oil prices jump after Trump leaves China with Iran conflict still at a stalemate
The Sea Voyager crude oil tanker anchored off the Port of Long Beach in Long Beach, California, US, on Thursday, May 7, 2026.Tim Rue | Bloomberg | Getty ImagesOil prices rose Friday as President Donald Trump is likely to turn his attention back to the stalemated conflict with Iran after leaving a summit in China with President Xi Jinping. International benchmark Brent crude futures for July gained 2.4% at $108.22 a barrel by 7:47 a.m. ET. U.S. West Texas Intermediate futures for June advanced 2.79% at $103.39 per barrel.Trump and Xi agreed at the summit that the Strait of Hormuz must remain open, a White House official said Thursday. "President Xi also made clear China's opposition to the militarization of the Strait and any effort to charge a toll for its use, according to the official.U.S. Treasury Secretary Scott Bessent told CNBC in an interview on Thursday that China will work behind the scenes to help reopen the Strait of Hormuz. "It's very much in their interest to get the strait reopened," Bessent said.Trump said China had agreed to buy oil from the U.S. "They've agreed they want to buy oil from the United States, they're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska," Trump said in a pre-recorded interview with Fox News, after his meeting with Xi. China has not confirmed the energy purchases. CNBC reached out to Chinese authorities for comment but did not receive a response before publication.— CNBC's Anniek Bao and Spencer Kimball contributed to the report.
