Brent crude oil remained steady above $105 per barrel on Thursday, as markets weighed geopolitical tensions against upcoming high-level diplomatic talks between the United States and China.
The global benchmark traded around $105.44, slipping marginally by 0.18% on the day, but still maintaining strong gains of over 11% in the past month and more than 60% year-on-year.
Price stability is being supported by ongoing supply concerns, particularly disruptions linked to the Middle East conflict, which have reduced flows through key shipping routes such as the Strait of Hormuz.
According to the International Energy Agency (IEA), global oil markets are expected to remain undersupplied into at least October, even if geopolitical conditions begin to ease. Supply constraints have also been reinforced by lower production levels among major producers, including Saudi Arabia.
Market participants are closely watching the upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping, with discussions expected to focus primarily on trade. However, analysts say energy security concerns remain a key background factor given China’s reliance on imported crude.
Overall, Brent continues to trade above the $100 threshold, with prices supported by a mix of supply risks, geopolitical uncertainty, and sustained global demand pressures.
