Oil prices jump after Trump says China agreed to buy U.S. crude following Xi talks
The Sea Voyager crude oil tanker anchored off the Port of Long Beach in Long Beach, California, USA, on Thursday, May 7, 2026.
Tim Rue | Bloomberg | Getty Images
Oil prices rose on Friday after US President Donald Trump said China had agreed to buy oil from America after meeting with Chinese leader Xi Jinping.
Brent crude futures, the international benchmark for July, rose 1.49% to $107.30 per barrel. US West Texas Intermediate futures for June rose 1.55% to $102.74 per barrel.
“They agreed to buy oil from the United States, they’ll go to Texas, we’ll start sending Chinese ships to Texas, Louisiana and Alaska,” Trump said in a pre-recorded interview with Fox News after his meeting with Xi.
China has not approved energy purchases. CNBC reached out to Chinese officials for comment but did not receive a response before publication.
The gains came after both presidents agreed to keep the Strait of Hormuz open.
“President Xi also made clear that China opposes the militarization of the Strait and any efforts to charge for its use, a White House official said Thursday.
Meanwhile, US Treasury Secretary Scott Bessent said in an interview with CNBC on Thursday that China will work behind the scenes to help reopen the Strait of Hormuz. “It is in their interest to reopen the strait,” Bessent said.
— CNBC’s Anniek Bao and Spencer Kimball contributed to the report.
