Trump is expected to encourage China to convince Iran to make a deal with Washington to end the Middle East war, but analysts doubt that Xi will be willing to push Tehran too hard.
A drone view of a pump jack and drilling rig south of Midland, Texas, US, on Jun 11, 2025. (File photo: Reuters/Eli Hartman)
14 May 2026 05:05AM
(Updated: 14 May 2026 11:34AM)
BEIJING: Oil prices rose on Thursday (May 14), with markets focusing on the high-stakes meeting between US President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive result on the Iran war, which has significantly disrupted global oil supply.Aside from trade matters, Trump is expected to encourage China to convince Tehran to make a deal with Washington to end the conflict, but analysts doubt that Xi will be willing to push its long-time strategic partner too hard.Brent crude futures were up 26 cents, or 0.25 per cent, to US$105.89 a barrel by 2.50am GMT (10.05am, Singapore time), while U.S. West Texas Intermediate futures rose 32 cents, or 0.32 per cent, to US$101.34.Both benchmark oil futures contracts fell on Wednesday as investors worried about possible US interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures fell more than US$2 a barrel, while WTI futures fell more than US$1.
