The Sea Voyager crude oil tanker anchored off the Port of Lengthy Seashore in Lengthy Seashore, California, US, on Thursday, Might 7, 2026.
Tim Rue | Bloomberg | Getty Photographs
Oil costs rose Friday after U.S. President Donald Trump mentioned China has agreed to buy oil from America, following talks with Chinese language chief Xi Jinping.
Worldwide benchmark Brent crude futures for July gained 1.49% at $107.30 a barrel. U.S. West Texas Intermediate futures for June superior 1.55% at $102.74 per barrel.
“They’ve agreed they wish to purchase oil from the USA, they’ll go to Texas, we will begin sending Chinese language ships to Texas and to Louisiana and to Alaska,” Trump mentioned in a pre-recorded interview with Fox Information, after his assembly with Xi.
China has not confirmed the power purchases. CNBC reached out to Chinese language authorities for remark however didn’t obtain a response earlier than publication.
The good points additionally got here after each presidents agreed that the Strait of Hormuz should stay open.
“President Xi additionally made clear China’s opposition to the militarization of the Strait and any effort to cost a toll for its use, in keeping with a press release by a White Home official on Thursday.
In the meantime, U.S. Treasury Secretary Scott Bessent advised CNBC in an interview on Thursday that China will work behind the scenes to assist reopen the Strait of Hormuz. “It is very a lot of their curiosity to get the strait reopened,” Bessent mentioned.
— CNBC’s Anniek Bao and Spencer Kimball contributed to the report.
