75 days of Hormuz chaos: Oil prices remain above $100 as Trump-Xi meet

Oil prices edged higher on Thursday as traders remained cautious ahead of US President Donald Trump’s meeting with Chinese President Xi Jinping in Beijing. Oil markets have stayed elevated since the outbreak of the Middle East conflict, with disruptions in the Strait of Hormuz, a critical global oil transit route, continuing for 75 days.By 7:05 am, WTI crude was trading at $101.1, up 0.11 points or 0.11%, while Brent crude stood at $105.8, gaining 0.17 points or 0.16%.The gains came after a weaker session on Wednesday, when both major contracts retreated as fears over potential US interest rate increases weighed on investor sentiment. Brent had dropped by more than $2 a barrel, while WTI declined by more than $1.Trump, who arrived in Beijing on Wednesday evening, is set to hold multiple discussions with Xi focused on securing economic outcomes, sustaining a delicate trade truce and handling contentious matters such as the Iran war and US arms sales to Taiwan.Despite previously stating that he did not believe China’s support was necessary to end the conflict with Iran, Trump is still expected to press Beijing for help in finding a resolution to the war. Market analysts, however, remain doubtful that Beijing will offer the level of support Washington seeks."Failure to make meaningful progress on reopening the strait could leave the US with few options other than renewed military action," IG analyst Tony Sycamore said in a note cited by Reuters.Meanwhile, Iran has reportedly reinforced its position around the Strait of Hormuz, reaching arrangements with Iraq and Pakistan to facilitate shipments of oil and liquefied natural gas from the region.China continues to play a central role in Iran’s oil trade, remaining its biggest customer despite ongoing sanctions and pressure from the Trump administration. In 2025, more than 80% of Iran’s exported oil cargoes were shipped to China, where independent refiners have continued purchasing discounted sanctioned crude.Meanwhile, the Middle East conflict has sharply escalated over the past two months following joint US-Israeli strikes on Iran, pushing the region deeper into instability. In response, Tehran tightened its grip on the strategically vital Strait of Hormuz, a narrow maritime chokepoint that carries roughly 20% of global petroleum liquids consumption and remains one of the world’s most critical energy corridors.