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Oil Holds Steady as Trump, Xi Prepare High-Stakes Summit

Crude markets remained range-bound Wednesday as traders positioned ahead of next week's meeting between US President Donald Trump and Chinese counterpart Xi Jinping. The summit comes as the Iran conflict continues without clear resolution, keeping geopolitical risk premiums embedded in energy prices. US crude stockpile data showed inventory levels remain above critical thresholds, limiting immediate supply concerns. Volatility persisted as investors assessed potential outcomes from the Trump-Xi talks. The discussions will address both trade tensions and regional security issues. A Chinese supertanker appears to have exited the Strait of Hormuz and is sailing toward an area where the US has enforced a blockade, underscoring heightened maritime sensitivities ahead of the diplomatic engagement. Markets are watching for signals that the two powers may ease escalating tensions that have weighed on global financial conditions.