Oil prices remained stable after US President Donald Trump and Chinese leader Xi Jinping signaled stronger cooperation
May 14, 2026: Global oil prices remained steady after a meeting between Donald Trump and Xi Jinping in Beijing, where both leaders struck an optimistic tone and highlighted opportunities for stronger cooperation between the United States and China. Brent crude traded near $106 per barrel after a 2% decline in the previous session, while West Texas Intermediate hovered around $102. Ahead of the meeting, Trump said ties between the two countries would become “better than ever before.”
The summit took place amid the ongoing Iran conflict, which continues to disrupt global oil supplies and fuel market uncertainty. According to the International Energy Agency, oil markets are expected to remain severely undersupplied until at least October even if the conflict ends next month. Oil flows through the crucial Strait of Hormuz have sharply declined since hostilities began earlier this year, while Iran’s crude exports have also been hit by US sanctions and naval restrictions.
Ahead of the Trump-Xi talks, the US imposed additional sanctions targeting Iranian oil sales to China, the biggest buyer of Tehran’s crude. Despite a ceasefire being in place since April, tensions between Washington and Tehran remain unresolved, keeping energy markets on edge. Analysts say investors are still hopeful diplomacy could eventually restore oil flows, although uncertainty over the timing continues to support higher crude prices globally.