Trump Says China Has Agreed To Buy U.S. Crude Oil

(MENAFN- Yolo Wire) Crude prices are trending higher after U.S. President Donald Trump said that China has agreed to purchase oil from America.

Trump said that China made a commitment to buy U.S. crude oil following a summit between the U.S. president and Chinese leader Xi Jinping in Beijing this week.

Brent crude oil, the international standard, rose as much as 3.25% to $104.46 U.S. a barrel early on May 15.

West Texas Intermediate (WTI) crude oil, the U.S. benchmark, gained 2.11% to reach $103.30 U.S. a barrel.

While China has not confirmed the oil purchases, the prospect of the Asian nation purchasing crude from America has been enough to boost prices.

The two leaders also reportedly agreed that the Strait of Hormuz near Iran must remain open.

The waterway, where 20% of the world's crude oil is shipped, has been shut since the U.S. and Israel attacked Iran on Feb. 28 of this year.

"President Xi also made clear China's opposition to the militarization of the Strait and any effort to charge a toll for its use," reads a statement from the White House.

U.S. Treasury Secretary Scott Bessent said in media interviews that China has agreed to work behind the scenes to help reopen the Strait of Hormuz as soon as possible.

Crude oil prices have risen more than 70% since the end of February as shipments out of the Middle East have largely ground to a halt.

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