Brent Oil Futures rose 1.9% to $107.69 a barrel by 20:13 ET (00:13 GMT), while Crude Oil WTI Futures advanced 2.2% to $103.40 a barrel. Both benchmarks were on track to gain roughly 6% to 8% for the week, including Friday\u2019s increase.<\/p>\n
The market focus remained on the Strait of Hormuz, a critical chokepoint through which about one-fifth of global oil supply normally flows. Although Iranian state media reported that around 30 vessels had crossed the waterway during the week, shipping traffic stayed well below normal levels. Tanker operators were described as reluctant to resume regular transit due to ongoing security risks, helping to underpin crude prices.<\/p>\n
According to data released Wednesday by the U.S. Energy Information Administration, domestic crude inventories fell by 4.3 million barrels last week, exceeding analysts\u2019 expectations. The drawdown was attributed to resilient export demand and tighter supply conditions, adding to the bullish tone in the oil market.<\/p>\n
Investors closely watched the summit between Trump and Xi in Beijing, where discussions focused on the Iran conflict, energy security, and trade ties. White House statements indicated that both leaders agreed the Strait of Hormuz must remain open for global energy flows. Xi also expressed interest in increasing China\u2019s purchases of U.S. crude oil to diversify supplies away from the Gulf chokepoint.<\/p>\n
Chinese state media reported that the two sides reached \u201cimportant consensus\u201d on expanding cooperation and managing differences. Xi said China and the U.S. had agreed to stabilize economic and trade relations and strengthen communication on regional issues. However, no major concrete trade agreements had emerged by the end of the meetings.<\/p>\n
Tensions around Iran remained elevated after Trump adopted a hawkish stance. In a Truth Social post early Friday, he referred to \u201cthe military decimation of Iran (to be continued!),\u201d and in a Fox News interview aired Thursday night, he said he was \u201cnot going to be much more patient\u201d and that Iran \u201cshould make a deal.\u201d<\/p>\n
The International Energy Agency warned this week that the global oil market could remain \u201cseverely undersupplied\u201d through October, even if the conflict eases next month, reinforcing concerns over supply tightness.<\/p>\n
What were Friday\u2019s closing levels for major oil benchmarks?<\/strong> Why is the Strait of Hormuz significant for oil markets?<\/strong> What did Trump and Xi agree on regarding energy flows?<\/strong> What did the International Energy Agency say about market conditions?<\/strong>
Brent Oil Futures rose 1.9% to $107.69 a barrel, while Crude Oil WTI Futures advanced 2.2% to $103.40 a barrel by 20:13 ET (00:13 GMT).<\/p>\n
The Strait of Hormuz is a key maritime chokepoint through which about one-fifth of global oil supply normally flows, so disruptions there can significantly affect global oil trade and prices.<\/p>\n
According to White House statements, Trump and Xi agreed that the Strait of Hormuz must remain open for global energy flows, and Xi showed interest in increasing China\u2019s purchases of U.S. crude oil.<\/p>\n
The International Energy Agency warned that the global oil market could remain \u201cseverely undersupplied\u201d through October, even if the current conflict eases next month.<\/p>\n