Oil prices rose during Asian deals on Friday after United States President Donald Trump said China was interested in purchasing American oil, while ongoing concerns over attacks and vessel seizures near the Strait of Hormuz continued to support the market.
By 3pm AEST (5am GMT), Brent crude futures climbed US$1.29, or 1.2%, to US$107.01 per barrel. US West Texas Intermediate crude futures rose US$1.34, or 1.3%, to US$102.51 per barrel.
Trump also told Fox News that he would not remain patient with Iran for much longer, as he urged Tehran to reach an agreement with Washington.
The gains came as tensions remained elevated in the Middle East following reports that a vessel had been seized by Iranian personnel off the coast of the United Arab Emirates and directed towards Iranian waters on Thursday.
Separately, an Indian cargo vessel transporting livestock from Africa to the United Arab Emirates sank on Wednesday in waters off the coast of Oman, further heightening concerns over maritime security in the region.
The White House also said Trump and Chinese President Xi Jinping had agreed during talks that the Strait of Hormuz shipping route should remain open.
Iran’s Revolutionary Guards said 30 vessels had crossed the Strait of Hormuz since Wednesday evening.
While still significantly below the approximately 140 ships per day typically seen before the conflict, the figure would represent a substantial increase if confirmed.
Trump and Xi Jinping are expected to conclude a two-day state visit on Friday, following discussions focused on trade, Iran and regional security issues alongside a series of business agreements.
U.S. Trade Representative Jamieson Greer said on Friday that China was taking a pragmatic approach towards Iran and stressed the importance of keeping the Strait of Hormuz open.
Speaking with Bloomberg, Greer said maintaining access through the key shipping route was important for China’s economic interests.
