Trump's Potential Lift on Iranian Oil Sanctions: A Turning Point?

US President Donald Trump announced on Friday his pending decision on whether to lift sanctions on Chinese oil companies that import oil from Iran. Last month's sanctions targeted independent oil refineries, including China's Hengli Petrochemical refinery.

Speaking to reporters, Trump expressed that he would make a decision in the coming days, following discussions with President Xi Jinping in China. The two leaders addressed several issues, with a focus on global oil trade dynamics.

A critical point of discussion was the need to reopen the Strait of Hormuz, a vital passage for 20% of the world's oil supply, currently affected by US-Iran tensions. The closure of this route has strained global oil supplies, with China relying heavily on Iranian imports.

(With inputs from agencies.)