Oil prices remained stable following a meeting between US President Donald Trump and Chinese leader Xi Jinping, where both leaders emphasized the potential for improved cooperation between the two nations. Brent crude was trading at approximately $106 a barrel, while West Texas Intermediate was near $102 after a 2% drop in the previous session. The meeting took place against the backdrop of the ongoing conflict in Iran, which has significantly impacted global oil inventories, leading to predictions of a 'severely undersupplied' market until at least October, according to the International Energy Agency. The conflict has resulted in a nearly 6 million barrels per day decrease in oil flows through the crucial Strait of Hormuz since hostilities began in late February. Despite a ceasefire since early April, little progress has been made towards a resolution between the US and Iran, keeping vital energy supplies restricted. Additionally, a US sanctions waiver allowing the purchase of Russian oil is set to expire soon, potentially affecting refiners in India, one of the largest importers of crude oil.