Oil prices jump after Trump says China agreed to buy US crude
Brent crude rose past USD 105 per barrel on Friday after Donald Trump said Xi Jinping had agreed to buy US oil following their Beijing summit. Traders priced in fresh demand even as the Iran war keeps Strait of Hormuz tankers under pressure.
Oil prices climbed on Friday after President Donald Trump said China had agreed to buy United States crude during his two-day summit with President Xi Jinping in Beijing. Brent rose above USD 105 per barrel, with West Texas Intermediate posting a similar gain as traders digested the announcement.
The statement landed at a moment when supply remains tight. The Iran war has restricted tanker flows in the Strait of Hormuz, leaving the global balance fragile. Talks in Beijing also addressed Taiwan, US chip export curbs and a separate Boeing aircraft order from Chinese carriers.
Analysts are watching whether the verbal commitment is converted into a formal contract. Goldman Sachs and Citi said larger Chinese imports could tighten the market further in the third quarter, even after OPEC trimmed its 2026 demand outlook earlier in the week. The implications for energy importers, from Turkey to India, remain significant.
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