Oil prices surge on Trump's China deal announcement. Brent crude futures jumped 3.25% to $104.46 a barrel, while U.S. West Texas Intermediate advanced 2.11% to $103.30 per barrel following Trump's claim that China agreed to purchase American crude oil after talks with Xi Jinping. Trump stated Chinese ships would transport oil from Texas, Louisiana, and Alaska. However, China has not yet confirmed these energy purchases. The market rally also reflected progress on keeping the Strait of Hormuz open, with both leaders opposing militarization and toll charges. Treasury Secretary Scott Bessent indicated China will work behind the scenes to reopen the strait, noting it aligns with Beijing's economic interests. The developments signal potential shifts in global energy trade dynamics.
