DID Press: Global oil markets posted a modest increase on Thursday as investors focused on the upcoming meeting between Chinese President Xi Jinping and former U.S. President Donald Trump, with expectations that the talks could provide clearer signals on the ongoing geopolitical tensions surrounding the Strait of Hormuz.
Market sentiment remained cautious, but traders reacted to the possibility that high-level political engagement between Washington and Beijing could influence energy security dynamics and stabilize supply concerns linked to the region.
According to Reuters, Brent crude futures rose by 26 cents, or 0.25%, to $105.89 per barrel, while West Texas Intermediate (WTI) crude gained 32 cents, or 0.32%, reaching $101.34 per barrel.
The gains followed a sharp decline in the previous trading session, when both benchmarks fell significantly due to concerns over rising U.S. interest rates and inflationary pressure driven by higher fuel costs, which weighed on broader market sentiment.
Analysts say the direction of the oil market in the short term will largely depend on the outcome of the Xi–Trump meeting, particularly any indication of de-escalation in regional tensions or coordination on managing the Hormuz Strait situation.