Summary
- Trump said President Xi wants the Strait of Hormuz restored to normal operations.
- He said international oil price volatility has increased as uncertainty over transit through the Strait of Hormuz has grown.
- Markets are watching how talks between the US and Chinese leaders and the possibility of restoring normal traffic through the strait could affect international oil prices and global supply chains.
Forecast Trend Report by Period
President Donald Trump said Chinese President Xi Jinping wants the Strait of Hormuz kept open, drawing attention to diplomatic dynamics involving the US, China and Iran.
Walter Bloomberg reported on May 14 that Trump said, "President Xi wants the Strait of Hormuz to be open."
The Strait of Hormuz is a critical shipping lane through which about 20% of global oil supply passes.
Volatility in international oil prices has risen as tensions between the US and Iran have increased uncertainty over transit through the strait.
China is one of the world's largest crude oil importers and is highly sensitive to the stability of Middle East oil supplies.
Markets are watching how discussions between the US and Chinese leaders, and the possibility of restoring normal traffic through the Strait of Hormuz, could affect international oil prices and global supply chains.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
