U.S. President Donald Trump and Chinese President Xi Jinping met in Beijing to address the ongoing conflict with Iran. The critical Strait of Hormuz shipping route has remained closed for 75 days.
White House officials report that both leaders agree the strait must reopen to ensure the free flow of global energy. President Xi expressed interest in increasing U.S. oil purchases to reduce China's reliance on disrupted Middle Eastern supplies.
WTI crude futures traded near $101.40 per barrel as supply risks keep prices firm. Analysts remain cautious about the likelihood of a major diplomatic breakthrough despite the high-level discussions.