International oil benchmarks experienced significant gains on Friday, with Brent crude futures for July delivery climbing over 3% to $109.61 a barrel, and U.S. West Texas Intermediate (WTI) futures for June advancing more than 4% to $105.54 per barrel. The surge in prices came as market attention shifted back to the protracted conflict with Iran, following President Donald Trump’s departure from a summit in China with President Xi Jinping.

President Trump indicated a growing impatience with Iran, stating that he would not “be much more patient” and urging the nation to “make a deal.” During his remarks, Trump asserted that President Xi Jinping had agreed to several key points during their discussions. These included a commitment from China to purchase more oil from the United States, with plans for Chinese ships to visit oil-producing states like Texas, Louisiana, and Alaska. Furthermore, Trump claimed Xi pledged not to provide military equipment to Iran and expressed a desire for the Strait of Hormuz to remain open, reportedly disapproving of Iran’s imposition of tolls for passage. U.S. Treasury Secretary Scott Bessent also suggested that China would engage in discreet efforts to facilitate the reopening of the vital shipping lane, emphasizing Beijing’s vested interest in its accessibility.

Despite President Trump’s assertions, Beijing’s official statements following the summit did not publicly confirm the alleged agreements regarding oil purchases or military equipment to Iran. China’s Foreign Ministry, in a statement released Friday, underscored that “the use of force is a dead end” and advocated for negotiations as the appropriate path forward. A spokesperson for the ministry stressed that resolving the ongoing conflict was not only in the interest of the U.S. and Iran but also beneficial for regional stability and the global community. The ministry’s public communications notably omitted any direct mention of the Strait of Hormuz or the specific commitments detailed by President Trump.