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