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Investors are waiting to see if US-China talks will help resolve the Iran war...
Oil prices rose slightly today as markets focused on the high-profile meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing.
Investors are waiting to see if the talks will yield any positive results in resolving the Iran war. Trump is expected to ask China to persuade Tehran to reach a deal with Washington to end the conflict. However, analysts doubt that Xi will exert strong pressure on Iran, China's long-term strategic partner.
Brent crude futures rose 45 cents, or 0.43%, to $106.08 a barrel. U.S. West Texas Intermediate crude rose 41 cents, or 0.41%, to $101.43 a barrel.
Both major contracts fell yesterday as investors worried about a potential interest rate hike in the US, while higher fuel prices add to inflationary pressures. Brent lost more than $2 a barrel, while WTI fell more than $1.
At the start of the two-day summit, Xi told Trump that trade talks were making progress, but warned that disagreements over Taiwan could take relations in a dangerous direction, according to China's Xinhua news agency.
“Oil prices are on hold,” ING analysts said in a note, adding that the market may have overestimated expectations from US-China talks on the Iran war.
The Strait of Hormuz, a key energy corridor, has remained largely closed since the outbreak of war in late February.
“The lack of meaningful progress on reopening the strait may leave the US with few alternatives other than new military action,” said IG analyst Tony Sycamore.
Meanwhile, Iran appears to have strengthened control over the strait, reaching agreements with Iraq and Pakistan for the transport of oil and liquefied natural gas from the region.
A Chinese supertanker carrying two million barrels of Iraqi crude oil passed 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.
The International Energy Agency said on Wednesday that global oil supply will fall short of total demand this year as war has hit production in the Middle East and is depleting reserves at an unusual pace. The agency's previous forecast had expected a supply surplus.
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