Oil Prices Rise as Trump-Xi Summit Yields No Clear Breakthroughs on Iran War
The New York Times • • business
Key Points:
- Oil prices surged on Friday due to ongoing supply disruptions in the Middle East, while stock markets declined amid uncertainty.
- The summit in Beijing between President Trump and Chinese leader Xi Jinping ended without significant breakthroughs, with both leaders emphasizing stability.
- President Trump stated he did not ask Xi to pressure Iran to reopen the Strait of Hormuz, though he believes China would naturally want it open.
- The Strait of Hormuz, a critical passage for about 20% of the world's crude oil, has been effectively closed since late February due to conflicts involving the U.S., Israel, and Iran.