Oil prices jump after Trump says China agreed to buy U.S. crude following Xi talks
CNBC • • nation
Key Points:
- Oil prices rose on Friday after U.S. President Donald Trump announced that China agreed to purchase oil from the United States following talks with Chinese leader Xi Jinping.
- Brent crude futures for July increased by 1.49% to $107.30 per barrel, while U.S. West Texas Intermediate futures for June rose 1.55% to $102.74 per barrel.
- Trump stated that China plans to buy oil from U.S. states including Texas, Louisiana, and Alaska, although China has not yet confirmed these energy purchases.
- Both presidents agreed on the importance of keeping the Strait of Hormuz open, with China opposing militarization and toll charges for its use.
- U.S. Treasury Secretary Scott Bessent noted that China is likely to work behind the scenes to help reopen the Strait of Hormuz, which is in their strategic interest.