Global oil markets showed relative stability on Thursday as US President Donald Trump and Chinese President Xi Jinping met in Beijing, raising hopes for a diplomatic resolution to ongoing conflicts in the Middle East. At 7:40 PM IST, the price of Brent crude was $105.25 per barrel, reflecting a 0.25% decrease from the previous close. This calm contrasted sharply with the surge to record highs of $126 per barrel on April 30 due to disruptions in the Strait of Hormuz, a vital waterway for oil transport. The two leaders discussed major international issues, including the situation in the Middle East and the Ukraine crisis, with the White House emphasizing the importance of keeping the Strait open for energy flow. However, a lack of specific commitments from China regarding the Strait raised concerns among observers. Amid these discussions, fresh attacks on commercial vessels, including the sinking of an Indian-flagged vessel, highlighted the ongoing risks in the region. India condemned the attack, reinforcing its commitment to ensuring the safety of its maritime interests, particularly as 90% of its LPG imports come from West Asia. The International Energy Agency has warned that global oil markets could remain undersupplied until late 2026, even if conflicts are resolved soon.