Oil prices edge up as markets assess key Trump-Xi meeting in China in Oil & Companies News 14/05/2026 Oil prices rose on Thursday, with investors on the lookout for any announcements about the Iran war from a high-stakes summit between the leaders of the U.S. and China. By 05:25 ET (09:25 GMT), Brent crude futures, the global oil benchmark, had risen by 0.9% to $106.55 a barrel. U.S. West Texas Intermediate crude futures, meanwhile, climbed by 0.8% to $101.78 a barrel. Both contracts slipped more than 1% in the previous session but were still set for sharp weekly gains. U.S. President Donald Trump and Chinese counterpart Xi Jinping have ended their first round of talks during a two-day summit, with Xi telling state media that negotiations around trade in particular were making progress. However, he flagged that pushback from the U.S. over Taiwan could sour relations. Markets were especially keen for any update on possible discussions around the Iran war. Some analysts have suggested that Trump may attempt to persuade China, a major importer of Iranian oil, to act as a guarantor of a lasting peace agreement, although it remains uncertain whether Beijing would want to play such a role. While the leaders and top business executives gather in China, the world’s economy faces a murky outlook due to the continued closure of the Strait of Hormuz, a vital waterway off Iran’s southern coast through which roughly a fifth of global oil flows. Iran and the U.S. have instituted twin blockades of the conduit, bringing tanker traffic to a virtual standstill. A subsequent energy shock has driven oil prices well above pre-war levels of roughly $70 a barrel and, in turn, fueled fears over a wave of surging inflation hitting countries around the world. Earlier this week, the International Energy Agency and Organization of the Petroleum Exporting Countries slashed their respective forecasts for oil demand this year, while global oil supply is estimated to have fallen by 1.8 million