Oil Bulls Rebound as Hormuz Risks Overshadow Tepid Xi-Trump Talks
Oil prices rose about $7 for the week on renewed Hormuz tensions and Iran's vow to keep fighting, even as the Xi-Trump summit offered little guidance; OPEC cut its 2026 demand forecast, while EU ministers discuss a windfall tax on energy profits, Cuba faces an energy crunch, ADNOC plans a Hormuz bypass pipeline to boost exports by 2027, and a flurry of geopolitical and policy developments keep the market buoyant.