WTI slips as traders weigh Trump-Xi talks, Iran risk

WTI crude futures eased from overnight highs Friday as market participants assessed the outcome of talks between President Trump and Chinese President Xi Jinping and continued Iran-related supply risks. A firmer U.S. dollar and uncertainty around flows through the Strait of Hormuz added pressure on prices.

The leaders’ meeting in Beijing produced some common ground. President Trump said, “both the US and China believe Iran should not have a nuclear weapon.” Chinese officials commented, “there is no real reason for the conflict to continue.” Traders noted the statements but said the U.S.-Iran situation remains unresolved.

Earlier in the week WTI tested the $106 per barrel area before pulling back Friday. Traders pointed to a quick rise in the dollar, which tends to weigh on dollar-priced commodities, and to continued logistical and supply uncertainty in the Gulf. Market participants said any meaningful change to flows through the Strait of Hormuz would be needed to alter price projections materially.

Technical indicators were mixed. On the four-hour chart the relative strength index stayed in a bullish range. Immediate resistance was seen between $106 and $108, with further hurdles near $110 and a broader channel top around $117–$120. Primary pivot support sat at $98–$100, momentum support near $93–$95 and a psychological level at $90. On the hourly charts WTI tracked an upward trendline inside a bull channel, with the channel top near $107.60. Sellers would look for a break below the prior bearish channel at about $103.40 and an hourly close under the 50-hour moving average near $102.66 to shift control.

Analysts and traders said headlines from the Trump-Xi talks or new developments over the weekend could quickly change market sentiment. With global crude inventories low, participants were monitoring diplomatic statements and physical flows for signals on near-term direction.