General · 16 May 2026

Trump: Xi backs Strait. So why are oil prices climbing?

Oil prices climbed as talks over shipping through the Gulf waterway showed little progress. During talks in Beijing on Friday, Donald Trump said Xi Jinping agreed Iran should reopen the Strait of Hormuz, while China said the conflict should never have begun. Brent crude traded near $109 a barrel after Iran kept restrictions linked to a US port blockade in the region.

By BriefTea Editorial · 16 May 2026 at 11:32

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