Brent rose 0.8% to $106.52/bbl and WTI up 0.7% to $101.84/bbl, setting 5‑7% weekly gain.
Hormuz Strait remains effectively closed, with only ~30 vessels crossing, keeping about 20% of global oil supply constrained.
Trump‑Xi summit in Beijing discussed Iran, energy security; Xi signaled interest in buying more U.S. crude, Trump posted hawkish Iran tweet.
U.S. EIA reported domestic crude inventories fell 4.3 million barrels last week, while IEA warned global oil could stay severely undersupplied through October.