Oil prices were effectively unchanged, with no clear ending to the Iran war after more than two months. Some were hoping the Trump-Xi meeting could bring results, after U.S. officials said Beijing could use its close economic ties with Tehran to press Iran to reopen the Strait or Hormuz.
On Thursday, the White House said Trump and Xi discussed enhancing U.S.-China economic cooperation. Both sides also agreed that the Strait of Hormuz must be reopened.
Brent crude, the international standard, was 19 cents lower at $105.44 per barrel. It was around $70 a barrel before the war in Iran started late February. That also came after the International Energy Agency said Wednesday that supply losses from the strait were “depleting global oil inventories at a record pace.”
Benchmark U.S. crude was down 16 cents to $100.86 per barrel.
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