U.S. President Donald Trump’s visit to China this week for talks with President Xi Jinping has dominated headlines, with discussions centering on trade, Taiwan, and the global energy crunch. The two leaders met Thursday in Beijing, agreeing that the Strait of Hormuz — closed for 12 weeks amid the Iran conflict — must be reopened to ensure the free flow of oil. A White House readout said both sides recognised the waterway’s importance, through which China typically receives nearly a third of its crude imports.
Trump arrived in China following setbacks to his tariff policy, a prolonged government shutdown, and developments in the Iran conflict. Analysts noted Beijing’s leverage, given its position as the largest buyer of Iranian crude since U.S. sanctions in 2018. China has permitted Pakistan to lead mediation efforts in the U.S.–Iran standoff to date. U.S. Treasury Secretary Scott Bessent stated Thursday he believes Beijing will take action to help reopen the waterway.
Energy markets have experienced reduced volatility. The loss of nearly a fifth of global oil supplies since late February has been mitigated by increased U.S. exports and China using its reserves while reducing imports. This situation has stabilised prices recently, though some observers indicate this may be temporary.
Caption: President Donald Trump participates in a welcome ceremony with China’s President Xi Jinping at the Great Hall of the People, Thursday, May 14, 2026, in Beijing