Global crude benchmarks jumped after President Trump said Beijing agreed to purchase American oil amid disruptions in the Strait of Hormuz. China has yet to confirm the deal, as tanker traffic and maritime risks continue to weigh on supply. CNN’s Kristie Lu Stout reports.

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.

International Business News: Oil prices edged higher on Thursday as traders remained cautious ahead of US President Donald Trump’s meeting with Chinese President Xi Jinping in Bei.

Oil prices ease as Trump meets Xi in China

US and Chinese presidents agree the strait must be open for the free flow of energy