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Oil Surges as Trump-Xi Talks Yield No Hormuz Breakthrough

Crude prices climbed Tuesday after President Donald Trump concluded meetings with Chinese President Xi Jinping in Beijing without securing agreements to restore energy flows through the Strait of Hormuz. The lack of progress deepens concerns about sustained global supply constraints.

The diplomatic impasse comes as a Chinese supertanker carrying Iraqi crude attempted to navigate through the largely restricted waterway, testing US naval enforcement in the Persian Gulf. Global energy markets remain under pressure amid the ongoing Iran conflict and severely limited transit capacity.

In response to persistent disruptions, the United Arab Emirates is accelerating development of a second pipeline to bypass the critical chokepoint, underscoring industry efforts to reduce dependence on Hormuz transit. The project reflects growing urgency among Gulf producers to establish alternative export routes as geopolitical tensions show no signs of easing.