Oil prices continue to rise - Investors focus on Trump-Xi meeting in Beijing
Oil prices rose on Thursday, with markets focusing on the meeting between US President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive results towards a resolution to the Iran war.
Trump is expected to encourage China to persuade Tehran to make a deal with Washington to end the conflict, but analysts doubt Xi will be willing to push China's strategic partner too hard.
Brent crude futures rose 0.43% to $106.08 a barrel, while West Texas Intermediate (WTI) crude rose 0.41% to $101.43.
The Strait of Hormuz, a key energy gateway, has been largely closed since the outbreak of war in late February. Analysts say failure to make significant progress in reopening the strait could leave the United States with few options other than military action.
Meanwhile, Iran appears to have strengthened control over the strait, reaching agreements with Iraq and Pakistan to transport oil and liquefied natural gas from the region.
A Chinese supertanker carrying two million barrels of Iraqi crude oil sailed through the strait on Wednesday after being stranded in the Persian Gulf for more than two months. It was only the third oil tanker to leave the strait since the start of the war.
Global oil supply will fall short of total demand this year as war wreaks havoc on Middle East oil production and depletes inventories at an unprecedented pace, the International Energy Agency said on Wednesday. Its previous forecast had predicted a surplus.
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