Trump-Xi Talks Set to Tackle Iran Oil Lifeline, Strait of Hormuz and U.S. Energy
India Rejects Russian LNG Under Sanctions Donald Trump arrives in Beijing on Wednesday for his first state visit to China since 2017, heading into a two-day summit with President Xi Jinping that carries more energy-market weight than any bilateral meeting in recent memory.
The talks, scheduled for Thursday and Friday, come as the world grapples with what the International Energy Agency has called the “largest supply disruption in the history of the global oil market” — the near-total closure of the Strait of Hormuz followingU.S.
and Israeli strikes on Iranin late February.
Brent crude has surged roughly 65% since the conflict began, recently trading above $113 per barrel.
TheWorld Bank now projectsaverage Brent prices of $86 per barrel for the full year, with upside scenarios reaching $95 to $115 depending on how quickly shipping flows normalize.
The agenda is sprawlin...Iran, Taiwan, artificial intelligence, nuclear arms and trade.
But energy is the thread running through almost every item on it.
The Strait of Hormuz handles about 20% of global oil trade and a similar share of LNG, and it has been largely blocked since Iran’s Revolutionary Guard began enforcing shipping restrictions after the strikes.
Some 20,000 seafarers remain stranded on roughly 2,000 vessels in and around the waterway, according to the International Maritime Organization.
At the peak of the disruption, around 13 million barrels per day of crude supply were effectively trapped.
China, which receives around a third of its oil via the strait, has more skin in this game than any other major economy.
Beijing cushioned itself ahead of the conflict — the U.S.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | ▲ +0.34% |
| WTI Crude | $96.90/bbl | ▲ +0.21% |
| EN590 Diesel | $846/MT | ▲ +0.18% |
| Jet Fuel A-1 | $1090/MT | ▲ +0.55% |
| Mazut M100 | $450/MT | ▼ -0.15% |
| Bitumen 60/70 | $470/MT | ▲ +0.08% |
| Sulphur Gran 99.5% | $470/MT | ▼ -0.44% |
| Urea 46% Gran | $650/MT | ▲ +1.12% |
| NPK 16-16-16 | $460/MT | ▼ -0.28% |
| Nat Gas TTF | $15.42/MMBtu | ▲ +0.92% |
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