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Oil Surges on Trump's Hardened Iran Stance Following China Summit

Crude prices climbed Friday after President Donald Trump signaled a tougher stance toward Iran following meetings with Chinese President Xi Jinping in Beijing. Brent crude futures for July delivery gained more than 3% to close at $109 per barrel, while West Texas Intermediate futures for June advanced more than 4% to settle at $105. Trump told Fox News he is running out of patience with Tehran. "They should make a deal," the president said. Trump also announced that Xi agreed to buy oil from the U.S. and committed to withholding military equipment from Iran. Treasury Secretary Scott Bessent said China would work quietly to help reopen the Strait of Hormuz, a critical shipping chokepoint. China's Foreign Ministry called for negotiated settlements, cautioning that force represents a failed strategy.