Ammon News - Oil prices rose on Thursday, with markets focusing on the high-stakes meeting between U.S. ‌President Donald Trump and Chinese President Xi Jinping to see if it will yield any positive result on the Iran war, which has significantly disrupted global oil supply.

Aside from trade matters, Trump is expected to encourage China to convince Tehran to make a deal ​with Washington to end the conflict, but analysts doubt that Xi will be willing to push its long-time strategic ​partner too hard.

Brent crude futures were up 26 cents, or 0.25%, to $105.89 a barrel by 0250 GMT, ⁠while U.S. West Texas Intermediate futures rose 32 cents, or 0.32%, to $101.34.

Both benchmark oil futures contracts fell on Wednesday ​as investors worried about possible U.S. interest rate hikes as higher fuel prices spur inflationary pressures. Brent crude futures fell ​more than $2 a barrel, while WTI futures fell more than $1.

Trump received a grand welcome at Beijing's Great Hall of the People on Thursday ahead of talks with China's Xi Jinping set to cover their fragile trade truce, the Iran war and U.S. arms sales ​to Taiwan.

Reuters