Oil prices rose Friday after U.S. President Donald Trump said China has agreed to purchase oil from America, following talks with Chinese leader Xi Jinping.
International benchmark Brent crude futures for July gained 1.49% at $107.30 a barrel. U.S. West Texas Intermediate futures for June advanced 1.55% at $102.74 per barrel.
"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 and to Louisiana and to Alaska," Trump said in a pre-recorded interview with Fox News, after his meeting with Xi.
China has not confirmed the energy purchases. CNBC reached out to Chinese authorities for comment but did not receive a response before publication.
The gains also came after both presidents agreed that the Strait of Hormuz must remain open.
