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EMEA Oil Update: Brent Steadies as Markets Pivot to Trump-Xi Meeting

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Brent futures steadied on Thursday, as traders adopted a wait-and-see approach ahead of a pivotal meeting between the US and Chinese presidents.

The Brent futures contract was steady at $105.68 per barrel. Murban futures closed at $104.15 on May 13 and was not trading as of the time of publishing this oil price update.

The market shifted its focus toward the high-stakes summit between President Donald Trump and President Xi Jinping in Beijing.

"The market could be pinning too much hope on the US-China talks yielding some positive results on Iran. Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war and lead to a resumption of energy flows through the Strait of Hormuz," ING analysts said.

Meanwhile, president Trump has sought to temper expectations, prioritizing trade negotiations and asserting that Washington has the Iran situation "under control."

In its latest monthly report, the IEA slashed its 2026 outlook, now forecasting a global demand contraction of 420,000 barrels per day.

OPEC's production plummeted by 1.73 mb/d in April to 18.98 million bbl/d, the group noted in its monthly oil market report.

This output collapse reflects the tightening grip of the Hormuz blockade, with the data notably including the final month of UAE membership before its May 1 departure from the group, analysts noted.

US crude inventories fell by 4.3 million barrels to 452.9 mmbbls in the week ended May 8, the Energy Information Administration said in its weekly report on Wednesday.

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EMEA Natural Gas Update: Futures Flat Amid Ongoing US-Iran Stalemate in Hormuz

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Market Chatter: Global Refining Output Deals Biggest Blow in Years due to Iran, Ukraine Wars

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