On May 14, oil prices saw a modest increase as investors anticipated a meeting between US President Donald Trump and Chinese President Xi Jinping in Beijing. Brent crude futures rose by 13 cents to $105.76 per barrel, while West Texas Intermediate futures climbed 12 cents to $101.14. This uptick follows a decline in prices due to concerns over potential US interest rate hikes. The meeting between Trump and Xi is crucial as they aim to address various economic issues and the ongoing conflict in Iran. Although Trump has indicated he does not rely on China to resolve the Iran situation, he is expected to seek Xi's assistance. However, analysts believe that meaningful progress may be elusive, particularly concerning the Strait of Hormuz, which Iran has fortified. Notably, China continues to be the largest importer of Iranian oil, with projections suggesting that over 80% of Iran's oil exports will go to China by 2025.