Oil prices snap 3-day rally ahead of Trump-Xi talks; Hormuz risks persist in Oil & Companies News 13/05/2026 Oil prices fell on Wednesday after climbing for three straight sessions, as traders weighed continued disruption to shipping through the Strait of Hormuz, and awaited a meeting between Donald Trump and Chinese President Xi Jinping. As of 02:32 ET (06:32 GMT), Brent Oil Futures expiring in July fell 1.3% to $106.38 per barrel, while West Texas Intermediate (WTI) crude futures slipped 1.4% to $100.80 per barrel. Both contracts jumped more than 3% in the previous session. Iran conflict drags on; Hormuz remains closed Markets remained on edge after U.S. President Donald Trump described prospects for a ceasefire with Iran as being on “life support” and rejected Tehran’s latest response to U.S.-backed peace proposals. The Strait of Hormuz, through which roughly a fifth of global oil consumption normally flows, remains largely shut to commercial traffic after Iran tightened restrictions following the outbreak of war earlier this year. The U.S. Energy Information Administration said on Tuesday it now expects the Strait to remain effectively closed through late May, forcing a much steeper drawdown in global inventories than previously forecast. The agency estimated global stockpiles could shrink by 2.6 million barrels per day this year, while Brent prices may average about $106 per barrel in May and June. Trump-Xi talks ahead; API shows US crude stock decline Markets were also watching U.S. President Donald Trump’s scheduled May 14-15 summit with Xi Jinping in Beijing, where discussions are expected to cover the Iran conflict, trade tensions, tariffs, and energy security. Trump is due to arrive in Beijing on Wednesday, with bilateral meetings and a state banquet scheduled for Thursday, followed by further talks on Friday. Saudi Aramco CEO Amin Nasser has warned that the oil market may not fully recover until 2027 because of prolonged disruptions linked to Hormuz. Saudi Arabia has increased use of its East-West pipeline to bypass the strait, though analysts say alternative routes cannot fully compensate for blocked Gulf exports. Data from the American Petroleum Institute released late Tuesday showed crude stocks fell by 2.188 million barrels in the week ended May 8, marking the fourth straight weekly decline. Markets were also digesting Tuesday’s U.S. consumer price index report, which showed inflation remained firm, complicating the outlook for Federal Reserve policy. Investors are now awaiting U.S. producer price index data due later on Wednesday for further clues on underlying price pressures and the central bank’s next steps. Higher-for-longer U.S. interest rates could slow fuel demand growth globally, partially offsetting supply-driven price gains. Source: Investing.com 2026-05-13 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share