Oil holds above 100 dollars as Trump Xi talks begin in Beijing
Oil prices stayed above the 100 dollar mark on Thursday as global markets focused on high level talks in Beijing between Donald Trump and Xi Jinping. Traders watched the meeting for any signal that could ease tensions linked to the Iran conflict and the disrupted flow of energy through the Strait of Hormuz.
Brent crude traded around 106 dollars per barrel in early Asian trading, while West Texas Intermediate stood near 101 dollars. Both benchmarks have remained above or close to 100 dollars since disruptions in the Strait of Hormuz escalated after military strikes involving the United States and Israel. The escalation has tightened global supply through a route that normally carries about one fifth of the world’s oil and liquefied natural gas.
The geopolitical backdrop has kept energy markets on edge for months. The Strait of Hormuz remains central to the conflict dynamics, with restricted maritime access contributing to sustained price pressure. Analysts link the rally in crude prices to reduced flows and growing uncertainty over the duration of the disruption, which has reshaped global shipping patterns and increased risk premiums in energy contracts.
The Beijing summit between the United States and China has added a new layer of market sensitivity. Discussions include trade, technology, Taiwan and the Iran conflict. Washington has urged Beijing to take a more active role in influencing Tehran, while US officials have accused China of indirectly supporting Iran through continued oil purchases. China remains the largest buyer of Iranian crude, giving it significant economic leverage, although expectations remain low for any immediate diplomatic breakthrough.
Market analysts describe current trading conditions as cautious, with investors waiting for clearer signals on both diplomacy and supply stability. Inventory data showing declining global stockpiles has added further pressure, reinforcing concerns that limited buffers could amplify future price spikes if disruptions continue.
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