Oil prices rose on Thursday, May 14, 2026, with markets focusing on the high-stakes meeting between United States President Donald Trump and Chinese President Xi Jinping.
Investors are watching closely if the meeting will yield any positive result on the Iran war, which has significantly disrupted global oil supply.
Aside from trade matters, Trump is expected to encourage China to convince Iran to make a deal with United States to end the conflict, but analysts doubt that Xi will be willing to push its long-time strategic partner too hard.
Brent crude futures were up 26 cents, or 0.25%, to $105.89 a barrel by 0250 GMT, while U.S. West Texas Intermediate futures rose 32 cents, or 0.32%, to $101.34.
Both benchmark oil futures contracts fell on Wednesday as investors worried about possible U.S. interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures fell more than $2 a barrel, while WTI futures fell more than $1.
Trump received a grand welcome at Beijing’s Great Hall of the People on Thursday ahead of talks with China’s Xi Jinping set to cover their fragile trade truce, the Iran war and U.S. arms sales to Taiwan.
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“Oil prices are in a wait-and-see mode,” said ING analysts in a note on Thursday, adding that the market could be pinning too much hope on the U.S.-China talks yielding some positive results on Iran.
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The Strait of Hormuz, a key energy gateway, has been largely shut since the war broke out at the end of February.
While Trump has said he did not think he would need China’s help to end the war, the president is nonetheless expected to ask Xi for assistance in resolving the conflict.
“Failure to make meaningful progress on reopening the strait could leave the US with few options other than renewed military action,” IG analyst Tony Sycamore said in a statement.
Iran, meanwhile, appears to have tightened its control over the strait, cutting deals with Iraq and Pakistan to ship oil and liquefied natural gas from the region.
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