WTI crude futures rose over 2% on May 15.
Prices traded above $103 per barrel following a summit between U.S. President Donald Trump and Chinese President Xi Jinping.
The meeting concluded with increased geopolitical tensions and no concrete plan to reopen the Strait of Hormuz.
This critical waterway facilitates approximately 20% of the world's oil shipments.
President Xi warned that mishandling the Taiwan issue could lead to direct military clashes.
President Trump stated that China agreed to purchase U.S. crude oil, though Beijing has not confirmed the deal.
WTI crude ended the week with a total gain of over 7%.