Oil Prices Jump 5‑7% Weekly on Hormuz

Brent futures rose 0.8% to $106.52/barrel and WTI up 0.7% to $101.84, targeting 5‑7% weekly gain.
Hormuz Strait, handling ~20% of global oil, sees reduced traffic with only ~30 vessels, heightening supply concerns.
Trump‑Xi summit in Beijing pledged to keep Hormuz open; Xi signaled interest in buying more U.S. crude to diversify.
U.S. crude inventories fell 4.3 million barrels last week, while IEA warns oil market may stay severely undersupplied through October.