The media pointed to lower oil prices ahead of Trump's trip to China.

Oil prices began to decline, interrupting a three-day rally, as investors await developments regarding the fragile truce in the Middle East and prepare for an important summit in Beijing between US President Donald Trump and Chinese President Xi Jinping. This was reported by the Reuters news agency on May 13.

Brent crude futures fell 19 cents, or 0.2%, to $107.58 per barrel at 09:09 GMT. Futures for U.S. West Texas Intermediate (WTI) crude oil fell 39 cents, or 0.4%, to $101.79," the publication said.

It is noted that prices for both grades of oil have mostly fluctuated around or above the $100 per barrel mark since the beginning of the US-Israeli war against Iran. The decrease in price growth is associated with investors' expectations of a possible stabilization of the situation in the Strait of Hormuz, as China is one of the largest buyers of Iranian petroleum products and it is expected that the Chinese leadership may influence Trump's policy regarding the export blockade of Iran.

Switching to green: global oil refining may decrease by 20% by 2035%

Most refineries will close in Europe, Asia and the Middle East.

Bloomberg reported on May 8 that global oil prices rose by more than 1% after a new exchange of blows between Iran and the United States, which raised the risks of further conflict in the Middle East. It was clarified that Charu Chanana, chief investment strategist at Saxo Markets in Singapore, informed the agency about the main risks amid the new tension.

On May 11, the Chinese Foreign Ministry confirmed the American leader's state visit to the country, which is scheduled for May 13-15. White House administration spokeswoman Anna Kelly said yesterday that during a visit to China to meet with the Chinese president on May 14-15, the US president intends to stabilize relations between the two countries.