Key Takeaways

• Sharp Friday gains: Brent crude rose 2.8% to $108.65 per barrel, while WTI surged 3.4% to $104.60.
• Massive weekly jump: Both contracts on track for 7-10% weekly gains.
• Trump’s hawkish bombshell: The president declared “the military decimation of Iran (to be continued!)” on Truth Social.
• Patience running out: “I am not going to be much more patient. They should make a deal,” Trump warned on Fox News.
• Hormuz still choked: Only about 30 vessels crossed the strait this week — far below normal levels.
• Tankers stay cautious: Operators remain reluctant to resume regular transit amid security risks.
• IEA warning: The agency says global oil markets could remain “severely undersupplied” through October even if the conflict eases.
• Hormuz consensus: Trump and Xi agreed the strait must remain open for global energy flows.
• Xi wants U.S. crude: The Chinese president expressed interest in increasing U.S. oil purchases to diversify from Gulf supplies.
• “Important consensus”: Chinese state media reported both sides agreed to expand cooperation and manage differences.
• No concrete trade deals: Despite the warm tone, no major trade agreements emerged from the summit.

Oil prices climbed well over 2% on Friday, headed for sharp weekly gains after U.S. President Donald Trump said he was losing patience with Iran — heightening fears of further escalation in the Gulf and prolonged disruptions to flows through the Strait of Hormuz.

Investor focus was also on the details of Trump’s meeting with Chinese President Xi Jinping in Beijing.

Brent oil futures rose 2.8% to $108.65 a barrel by 06:16 ET (10:16 GMT), while crude oil WTI futures advanced 3.4% to $104.60 a barrel.

Both contracts were set to jump roughly 7-10% for the week, including Friday’s gains.

Trump Signals Further Military Action Against Iran

Trump struck a hawkish tone on Iran in a Truth Social post early Friday, saying “the military decimation of Iran (to be continued!).”

“I am not going to be much more patient,” Trump said in an interview aired on Thursday night on Fox News. “They should make a deal,” he added.

The market remained laser-focused on the Strait of Hormuz, through which about one-fifth of global oil supply normally flows.

Although Iranian state media said around 30 vessels had crossed the waterway this week, shipping traffic remains far below normal levels, and tanker operators are still reluctant to resume regular transit amid security risks.

The International Energy Agency warned this week that the global oil market could remain “severely undersupplied” through October even if the conflict eases next month.

Trump-Xi Summit Ends with No Major Deal Yet

Investors were also closely watching the Trump-Xi summit in Beijing, where discussions have centered on the Iran conflict, energy security, and trade ties.

According to White House statements, both leaders agreed the Strait of Hormuz must remain open for global energy flows, while Xi expressed interest in increasing purchases of U.S. crude oil to diversify supplies away from the Gulf chokepoint.

During the second day of talks, Xi said China and the U.S. had agreed to stabilize economic and trade relations and strengthen communication on regional issues. Chinese state media said both sides reached “important consensus” on expanding cooperation and managing differences.

However, no major concrete trade agreements had emerged by the end of the meetings.