Trump Begins State Visit to China as Oil Prices Remain Elevated Following Iran Conflict

President Donald Trump departed the White House on May 12 2026 for a state visit to Beijing hosted by Chinese leader Xi Jinping that includes a banquet on May 14 at the Great Hall of the People. 8 percent from April 2025 to April 2026, the largest year-over-year increase in three years.

4 percent that month and are up more than 28 percent compared with a year earlier. 13 one year before. Brent crude climbed near $110 a barrel the same day.

7 percent over the month. 3 percent from a year earlier after accounting for inflation, the first such decline in three years.

1 percent year-over-year in June 2022. U.S. and Israeli attack on Iran on Feb. 28. Tehran responded by shutting the Strait of Hormuz, through which a fifth of the world’s oil and liquefied natural gas passes.

The war is 10 weeks old as of May 12. A shaky ceasefire declared in April has held but is under strain. ” He described Iranian communication as “that piece of garbage they sent us” and said he did not finish reading it.

A top Iranian official stated the same day that Tehran could start enriching uranium to 90 percent purity if Trump resumes bombing. Asked about the impact of rising prices on American households, Trump said: "I don't think about American financial situation — I don't think about anybody.

" He added that the economy is in good shape because stocks are at the highest point in history and that the war would end soon, after which oil prices would drop sharply.

A CNN/SSRS poll found that approximately 77 percent of respondents said Trump’s policies have driven the cost of living up, while roughly 70 percent disapprove of the economy under President Trump. The conflict has also disrupted global supply chains.

Calbee will switch 14 of its products to black-and-white packaging by the end of May because of ink ingredient shortages caused by the Strait of Hormuz blockade.