Oil prices edged up on Thursday as investors awaited a high-stake meeting between US President Trump and his Chinese counterpart Xi Jinping later in the day. They are expected to discuss the war in Iran.

Iran appears to have tightened its control over the Strait ⁠of Hormuz, cutting deals with Iraq and Pakistan to ship oil and LNG from the region. Saudi Arabia and UAE launched strikes against Iran earlier this week.

Last year, China’s exports to the US fell 20%, but rose sharply elsewhere. The two sides possibly identify some $30 billion worth of goods on which they could reduce tariffs, according to sources.

JPMorgan warned on Monday that commercial oil inventories in the developed world could “approach operational stress levels” by early June and thus limited buffer against supply disruption.

Global oil supply will fall short of total demand this year, the IEA said upending its earlier outlook calling for a surplus. The agency forecast a gradual resumption of traffic through the strait from Q3 onwards.

Data in the report indicates that OPEC+ is pumping much less than the volume needed to balance the market this year, according to a Reuters calculation. The cartel’s oil output sank to a 26-year low last month.

Brent crude stayed well above the 50 SMA amid still-elevated volatility. After a break below the ascending trendline, the price is expected to ease to the $100 psychological level shortly.

Asset recap

As of market close on 13 May, among EBC major products, Micron Technology shares led gains. Traders were digesting fresh US-China AI-chip headlines that can swing sentiment across the semiconductor supply chain.

Accenture slid to a fresh 52-week low as the firm gets hit by cuts to key US federal government contracts and growing worries that generative AI will permanently reduce demand for its labour-intensive consulting work.

Foreign investors continued to be net buyers of Japanese shares as of mid-May 2026, driven by a robust AI-related technology rally and improving risk sentiment.

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