Oil Slip of Trump-Xi Summit on Iran Tensions

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On May 13, 2026, oil prices eased after a sharp three-day rally as investors monitored the fragile Iran ceasefire and prepared for crucial Trump-Xi talks in China. Crude markets remained volatile amid ongoing supply concerns.

Oil Pulls Back as Middle East Risks Persist

Oil prices fell Wednesday, ending a strong rally fueled by fears of supply disruptions linked to Iran and the Strait of Hormuz. Brent crude futures declined 1.4% to $106.30 a barrel, while U.S. West Texas Intermediate dropped to $100.77.

Even with the decline, crude stayed near elevated levels as uncertainty surrounding the Middle East continued to dominate sentiment.

Trump-Xi Meeting Draws Market Focus

Investors are now watching President Donald Trump’s upcoming meeting with President Xi Jinping in Beijing, with China remaining the largest buyer of Iranian oil.

Analysts said supply disruptions exceeding 1 billion barrels could keep oil prices above $80 through 2026, while inflation and high interest rates may pressure fuel demand globally.