Oil prices experienced a notable increase on Friday following statements by U.S. President Donald Trump that China has agreed to purchase oil from the United States after discussions with Chinese President Xi Jinping [1]. International benchmark Brent crude futures for July rose by 1.49% to $107.30 per barrel, while U.S. West Texas Intermediate (WTI) futures for June climbed 1.55% to $102.74 per barrel [1].
In a pre-recorded interview with Fox News, President Trump stated, "They've agreed they want to buy oil from the United States, they're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska" [1]. However, it is important to note that China has not officially confirmed these energy purchases, and CNBC reported that Chinese authorities did not respond to requests for comment before publication [1].
The rise in oil prices was also supported by both presidents' agreement on the importance of keeping the Strait of Hormuz open. A White House official stated that "President Xi also made clear China's opposition to the militarization of the Strait and any effort to charge a toll for its use" [1]. Additionally, U.S. Treasury Secretary Scott Bessent told CNBC that China will work behind the scenes to help reopen the Strait of Hormuz, emphasizing that it is in China's interest to ensure the strait remains accessible [1].
No analyst opinions or forward-looking statements beyond the official remarks were provided in the article.
CONCLUSION
Oil prices jumped on news that President Trump claims China will purchase U.S. crude, though this has not been confirmed by Chinese authorities. The market also responded positively to U.S.-China cooperation on keeping the Strait of Hormuz open. The developments signal potential for increased U.S. oil exports and reduced geopolitical risk in a key shipping lane.