Oil Prices Jump After Trump Claims China Agrees to Buy U.S. Crude
By Aboki Forex —
Oil prices climbed on Friday after U.S. President Donald Trump said China has agreed to purchase American crude. Beijing has not confirmed the deal.
Brent crude futures for July rose 1.49% to $107.30 per barrel. U.S. West Texas Intermediate crude for June gained 1.55% to $102.74 per barrel.
Trump made the claim in a pre-recorded interview with Fox News following his meeting with Chinese leader Xi Jinping. “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, to Louisiana, and to Alaska,” Trump said.
China has not confirmed the purchases. CNBC reached out to Chinese authorities for comment but received no response before publication.
Markets also tracked efforts to keep the Strait of Hormuz open. Both presidents agreed that the waterway must remain open. A White House official said President Xi made clear China’s opposition to the militarization of the Strait and any effort to charge a toll for its use.
U.S. Treasury Secretary Scott Bessent told CNBC on Thursday that China will work behind the scenes to help reopen the Strait. “It’s very much in their interest to get the strait reopened,” Bessent said.