Oil Prices Jump After Trump Claims China Agrees to Buy U.S. Crude
By Aboki Forex —
Oil prices rose on Friday after U.S. President Donald Trump said China has agreed to purchase American crude oil. International benchmark Brent crude futures for July gained 1.49 percent to trade at $107.30 per barrel. U.S. West Texas Intermediate futures for June advanced 1.55 percent to $102.74 per barrel.
Trump made the claim in a pre-recorded interview with Fox News after 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, Louisiana and Alaska,” Trump said.
Beijing has not confirmed any energy purchases. CNBC reached out to Chinese authorities for comment but received no response before publication.
The gains also followed an agreement between both presidents that the Strait of Hormuz 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.