Oil Price Today (May 14): Crude oil above $105 per barrel. Here’s why Trump-Xi meeting is important for Strait of Hormuz

May 14, 2026

Oil prices edged higher as investors awaited talks between U.S. President Trump and Chinese President Xi Jinping, focusing on economic gains and geopolitical issues like the Iran war. Despite concerns over interest rate hikes, crude futures saw slight increases, with analysts warning of potential price surges if the Strait of Hormuz remains shut.

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