On Thursday, May 7, 2026, the crude oil tanker Sea Voyager anchored off the coast of Long Beach Port in Long Beach, California, United States.
Tim Lu | Bloomberg | Getty Images
Oil prices rose on Friday as President Donald Trump is likely to turn his attention back to the stalled conflict with Iran after concluding a summit with Chinese President Xi Jinping.
international benchmark brent crude oil July futures rose more than 3% to close at $109.26 a barrel. us West Texas Intermediate Futures Prices rose more than 4% in June, settling at $105.42 per barrel.
President Trump told Fox News that he is losing patience with Iran. “We’re not going to be any more patient. They should make a deal,” the president said in an interview aired Thursday night.
President Trump told Fox that President Xi wants to open the Strait of Hormuz. President Trump said the Chinese president does not like the fact that Iran is imposing tolls on ships crossing Hormuz.
President Trump said Xi had agreed not to provide military equipment to Iran.
U.S. Treasury Secretary Scott Bessent said in a CNBC interview on Thursday that China would cooperate behind the scenes to help Hormuz reopen. “Reopening the Strait is very beneficial to their interests,” Bessent said.
The Chinese government did not mention Hormuz in its official statement about the summit. China’s Foreign Ministry said on Friday that “the use of force has resulted in a stalemate” and that negotiations are the right direction.
A Foreign Ministry spokesperson said: “There is no point in continuing this conflict and it should never have happened in the first place.” “Finding a way to resolve the situation early is in the interest of not only the United States and Iran, but also countries in the region and the rest of the world.”
President Trump says China has agreed to buy additional oil from the US
“They have an agreement to buy oil from the United States, and they’re going to go to Texas. We’re going to start sending Chinese ships to Texas, Louisiana, Alaska,” Trump told Fox.
China has not confirmed any energy purchases. CNBC reached out to Chinese authorities for comment but did not receive a response before publication.
