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Trump Says Xi Wants Strait of Hormuz Open as Leaders Discuss Iran Conflict in Beijing

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US President Donald Trump said Thursday that Chinese President Xi Jinping expressed hope that a peace deal will be made soon with Iran and the Strait of Hormuz will be reopened, as the two leaders met in Beijing.

"He would like to see the Hormuz Strait open," Trump told Fox News in an interview as the Iran conflict continued to disrupt oil shipments through the key trade route.

"President Xi would like to see a deal made. He would, he would like to see a deal made," Trump told Fox News after the first day of talks in Beijing. "And he did offer. He said, 'If I can be of any help at all, I would like to be of help.'"

The Strait of Hormuz "must remain open," a US summary of the meeting reported, adding that China opposed militarization or tolls in the waterway.

Secretary of State Marco Rubio told NBC News Thursday that the US raised the Iran issue because of its global importance, adding that the US does not need China's help on the issue.

Trump invited Xi to visit the White House in September during opening remarks in Beijing.

Separately, Xi warned Trump during the summit that mistakes over Taiwan could damage relations and even push both countries toward conflict.

"The Taiwan question is the most important issue in China-US relations. If mishandled, the two nations could collide or even come into conflict," Chinese state media outlet Xinhua cited Xi as saying.

The two countries "should be partners and not rivals," Xi said as the leaders opened talks at Beijing's Great Hall of the People.

The meeting lasted about two hours and 15 minutes and covered Iran, trade, Taiwan and broader geopolitical tensions between the two countries, according to the media reports.

The summit added pressure for Trump as the Iran conflict weighed on his approval ratings and increased pressure for diplomatic and economic gains.

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US Oil Update: Crude Gains on Xi-Trump Talks, Iran Eases Select Hormuz Transits

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Oil & Energy

EMEA Oil Update: Crude Steadies on Xi-Trump Talks, Iran Allows Select Hormuz Transits

EMEA crude futures were little changed in after-hours trading on Thursday as President Trump and his Chinese counterpart discussed the ongoing Middle East conflict, while Iran allowed a limited number of vessels to transit the Strait of Hormuz.Brent crude futures eased by 0.44% to $105.16 per barrel, while Murban oil futures were up 0.42% to $104.59/bbl.Trump met China's President Xi Jinping on Thursday, and the two leaders' discussions included the ongoing Iran conflict and increased oil ties between the world's two biggest economies.The US President said the Chinese leader had offered China's help to open the Hormuz and pledged not to send military equipment to aid Iran in its ongoing conflict against the US-Israel alliance.US Treasury Secretary Scott Bessent reportedly said China will use its influence in Iran to help reopen the strategic waterway. China is the biggest buyer of Iranian oil despite pressure from the Trump administration.Bessent said it is in China's interest to get the strategic waterway reopened, adding that Beijing will be working behind the scenes, according to media reports."Oil prices established as US President Trump and Chinese President Xi began high-level talks in Beijing, while the Iran war and the near closure of the Strait of Hormuz continued to disrupt global energy markets," said Soojin Kim, research analyst at MUFG.The effective closure of the Hormuz has significantly disrupted global supplies of crude, natural gas and fuels, stoking fears of reignited inflation.Meanwhile, Iran said on Thursday it had begun allowing some Chinese vessels to transit through the Hormuz following an agreement on Tehran's management protocols for the waterway.Iran's National Security and Foreign Policy Commission reportedly finalized a comprehensive plan on Wednesday for the security and development of the Persian Gulf and the Strait.The United Kingdom Maritime Trade Operations Center says it received a report of a vessel being "taken by unauthorized personnel" near the UAE emirate of Fujairah. UKMTO said the ship was taken 38 nautical miles off the UAE in the Gulf of Oman, where it was anchored.The US Central Command said on Thursday it has redirected 70 commercial vessels as part of a blockade targeting ships entering and exiting Iranian ports.On the supply front, the International Energy Agency said on Wednesday that global observed oil inventories dropped by 250 million barrels in March and April, or at a rate of about 4 million barrels per day, as demand is now expected to contract by 2.4 million b/d year-over-year in Q2 and 420,000 b/d for the entire year.OPEC also said on Wednesday that crude production among member states fell further in April and is down more than 30% since the onset of the conflict in late February. The producer group said production fell by 1.7 million b/d in April after output plunged by 7.9 million b/d in March.

Oil & Energy

Update: Brazil Approves Subsidies for Gasoline, Diesel

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