Brent Jumps to $107.30 as Trump Says China Will Buy U.S. Crude

8 articles · Updated · CNBC · May 15

Brent rose 1.49% to $107.30 a barrel and WTI gained 1.55% to $102.74 after Donald Trump said China had agreed to buy U.S. oil following talks with Xi Jinping.
Trump said Chinese ships would begin loading crude in Texas, Louisiana and Alaska, but Beijing had not confirmed any purchase agreement and did not respond to requests for comment.
Support also came from a U.S.-China understanding that the Strait of Hormuz must remain open, with the White House saying Xi opposed militarizing the waterway or charging tolls.
Treasury Secretary Scott Bessent said China would work behind the scenes to help reopen Hormuz, underscoring how supply security in the chokepoint is shaping oil markets.

With the Hormuz Strait closed, can a US-China oil deal truly stabilize global energy markets?

China spent a decade building energy reserves. Why does it suddenly need to buy American oil now?

While buying US oil, China is also Iran's biggest customer. Can Beijing's contradictory energy policy last?