Oil prices rise after Trump says China wants US crude oil

Oil prices rose by more than one percent on Thursday after US President Donald Trump said China was interested in purchasing American crude oil.

Brent crude futures increased by $1.17, or 1.11 percent, to $106.89 a barrel by 02:52 GMT. US West Texas Intermediate crude also rose by $1.10, or 1.09 percent, to $102.27.

Markets were also supported by ongoing concerns over attacks and vessel seizures in the Strait of Hormuz, despite Iranian reports that around 30 ships passed through the key waterway on Thursday.

The latest developments come as Trump prepares to leave Beijing following talks with Chinese President Xi Jinping.

Political analyst Drew Thompson said to Al Jazeera thar relations between Washington and Beijing remain fragile despite the diplomatic meetings.

“There’s a high level of promise fatigue, where China makes promises that they don’t always keep, and of course, they feel that the United States breaks many of its own promises as well,” Thompson said.

“It’s not just about symmetry and pageantry, it’s really about managing these differences,” he added.