WASHINGTON (dpa-AFX) - Crude oil prices inched higher on Thursday as the Strait of Hormuz remains effectively shut amid a lack of progress in U.S.-Iran peace efforts. With U.S. President Donald Trump in China for a summit meet with Xi Jinping, traders expect Chinese intervention to end the hostilities in the Middle East.
WTI Crude Oil for June month delivery was last seen trading up by $0.29 (or 0.29) at $101.31 per barrel.
The U.S.-Israel versus Iran war entered the 76th day today. Although a ceasefire is in place, a peace deal remains elusive, and the Strait of Hormuz remains effectively shut.
U.S. President Donald Trump is on a two-day visit to China from May 13-15 to expand bilateral trade ties and enhance economic cooperation.
A White House readout on the talks between Trump and Xi stated that the current Middle East conflict was discussed and both the leaders agreed that the Strait of Hormuz must remain open for all nations and support free flow of oil and energy trade.
Iran's semi-official news agency, Fars, reported that Iran's Islamic Revolutionary Guards Corp let 30 vessels through the strait since yesterday evening including some China-linked vessels following an understanding reached between China and Iran.
After rejecting a counter-proposal offered by Iran to an U.S. peace plan, prior to his departure to China, Trump asserted that the U.S. can end the war either through peace talks or through other means.
A CNN report says Trump is planning to recommence the attacks on Iran.
Meanwhile, at the meeting of BRICS Foreign Ministers in New Delhi, India, Iran's Foreign Minister Abbas Araghchi stated that Iran will not bow to imperial pressures.
However, war tensions eased a bit after U.S. Vice President JD Vance stated that the negotiations between the U.S. and Iran was progressing well. He added that any development should be sufficient enough to satisfy Trump.
In an interview with Fox News, U.S. Secretary of State Marco Rubio stated that Trump will attempt to convince Chinese President Xi Jinping to take an active role in negotiations to end the war.
In an interview with Fox News, Trump revealed that Xi would like to see a deal made and has offered 'any help whatsoever' to end the Iran conflict.
The International Energy Agency warned on Wednesday that oil stockpiles were being exhausted at a record pace.
The Paris-based group revealed that nearly 4 million barrels of oil per day were being tapped from back-up supplies in April.
The IEA expects world oil demand to decline by 2.40 million barrels per day, year on year, in Q2 2026.
Further, the Organization of Petroleum Exporting Countries had slashed its forecast for oil demand growth for 2026 to 1.20 million bpd from its earlier estimate of 1.40 million bpd.
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