Why did oil prices edge up on Thursday ahead of the Trump-Xi meeting in Beijing?

Oil prices edged up on Thursday as investors awaited the meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Beijing, with traders focusing on the Iran war and its implications for energy markets; Brent crude futures rose 13 cents to $105.76 a barrel, and WTI futures rose 12 cents to $101.14 a barrel by 0015 GMT.

What role does China play in Iran's oil exports amid U.S. sanctions, according to the news?

China is the biggest buyer of Iranian oil despite U.S. sanctions pressure, with more than 80% of Iran's shipped oil destined for China in 2025, as Chinese independent refiners take advantage of discounted U.S.-sanctioned oil.

Oil Edges Up Ahead of Trump-Xi Meeting in Beijing

May 13, 2026

Oil prices rose as investors awaited the Trump-Xi meeting in Beijing, with attention on the Iran war and China's continued purchase of discounted Iranian crude despite U.S. sanctions.

reuters

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