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Oil prices remained stable during Asian trading on Thursday as investors closely monitored the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Traders are watching the high-level talks for signals on trade relations, geopolitical tensions, and the ongoing Iran conflict, all of which continue to influence global crude oil markets.
Brent crude futures for July delivery rose slightly by 0.1% to $105.68 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.1% to trade near $101.08 per barrel. Despite declining more than 1% in the previous session, both benchmarks are still on track for strong weekly gains amid persistent supply concerns.
The Trump-Xi summit in Beijing is expected to cover several major global issues, including U.S.-China trade tensions, Taiwan, and the worsening Iran crisis. Market participants are particularly focused on whether China, the world’s largest crude oil importer, could help ease Middle East tensions and stabilize energy markets.
Oil prices have stayed above the $100 mark due to fears surrounding potential disruptions in the Strait of Hormuz, a critical shipping route responsible for transporting nearly 20% of the world’s oil supply. Concerns over supply interruptions have continued to support crude prices despite economic uncertainty.
The International Energy Agency recently warned that the global oil market could face significant supply shortages through 2026 because of reduced exports linked to the Iran conflict. Meanwhile, OPEC lowered its global oil demand growth forecast for 2026, citing economic pressure from rising fuel prices and geopolitical instability.
Additional support for oil prices came from U.S. inventory data, which showed crude stockpiles fell by 4.3 million barrels last week, far exceeding analysts’ expectations for a 2 million barrel decline. The larger-than-expected drop suggests fuel demand remains resilient even as energy prices climb.
