Oil Rises as Trump Departs China With Limited Progress on Hormuz

Oil climbed as US President Donald Trump left a meeting with Chinese counterpart Xi Jinping without any meaningful progress on increasing energy flows through the Strait of Hormuz, reigniting concerns that disruptions to global supplies will deepen.

West Texas Intermediate rose 4% to settle above $105 a barrel, while global benchmark Brent crude settled above $109 a barrel. Trump said he didn’t push Xi to pressure Tehran to revive the strait, offering no sign of a breakthrough in the standoff over the waterway. China is the top buyer of Iranian crude.