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\n\tMeanwhile, China faces its second-steepest gasoline demand slump on record: File Image\/Pixabay.<\/p>\n
\u201c<\/p>\n \n\tOil prices are in a wait-and-see mode<\/p>\n ING analysts<\/p>\n
\n\tOil trading was surprisingly flat on Thursday, with investors getting mixed signals from Iran: on one hand that country\u2019s media stated<\/a>\u00a0that about 30 ships had crossed the Strait of Hormuz; but on the other, reports of Iran attacking a vessel and seizing another stoked long-standing supply disruption fears.<\/p>\n
\n\tMeanwhile, mildly positive sentiment was generated by U.S. president Donald Trump\u2019s visit to China and meeting with its president, Xi Jinping, the outcome of which so far was reportedly<\/a>\u00a0 an agreement to buy U.S. soybeans, energy, and jets.<\/p>\n
\n\tBrent on Thursday settled up 9 cents at $105.72 per barrel, while West Texas Intermediate settled up 15 cents at $101.17.<\/p>\n
\n\tIran allowing some Chinese vessels to pass through the Strait was said <\/a>to be the result of diplomatic overtures stemming from the Trump\/Jinping meeting; however, although Washington officials said Trump pressed Jinping to end the war with Iran and open the waterway, it wasn\u2019t clear whether any substantial commitments had been secured beyond the two sides agreeing that the Strait must remain open to support the free flow of energy.<\/p>\n
\n\tA White House statement added, \u201cPresident Xi also made clear China\u2019s opposition to the militarization of the Strait and any effort to charge a toll for its use.\u201d<\/p>\n
\n\tING analysts said in a note on Thursday, “Oil prices are in a wait-and-see mode,” adding that the market could be pinning too much hope on the U.S.-China talks.<\/p>\n
\n\tIn other war-related oil news on Thursday, GL Consulting said<\/a>\u00a0in its latest forecast that China could see its gasoline demand slump by as much as 5.5 percent this year from 2025 due to the surge in energy prices; this would be the second-steepest slump on record after a 2022 plunge, when China was under severe pandemic lockdowns.<\/p>\n
\n\tAlso on Thursday, Julianne Geiger, veteran researcher for Oilprice.com, wrote <\/a>that as flows continue to be choked through the Strait of Hormuz, \u201cMoscow\u2019s flagship Urals blend is essentially printing money: for tax purposes, Russia will calculate May oil revenues using an average Urals price of $94.87 per barrel, the highest level since October 2023.<\/p>\n
\n\t\u201cThat translates into nearly 7,300 rubles per barrel, up 18 percent from April, and nearly 60 percent higher than a year ago\u2026\u2026the Kremlin has spent years building a war economy; right now, oil is helping keep the machine fed.\u201d<\/p>\n