Oil Prices Rise as Trump-Xi Summit Yields No Clear Breakthroughs on Iran War

Oil costs jumped on Friday and shares tumbled as the markets contended with persistent provide disruptions within the Middle East and the absence of significant breakthroughs on the summit in Beijing between President Trump and China’s chief, Xi Jinping.

The leaders of the world’s two greatest economies emphasised stability on Friday as their high-stakes talks ended. Mr. Trump mentioned he had not requested Mr. Xi to strain Iran to reopen the Strait of Hormuz as a result of “I don’t need favors.” The president added: “I think he will. I think automatically he’d like to see it opened up.”

The strait, a slender waterway that carries a fifth of the world’s crude oil, has remained successfully closed because the United States and Israel went to warfare with Iran in late February.