Oil prices jump after Trump says he is losing patience with Iran

Oil prices rose Friday as President Donald Trump is likely to turn his attention back to the stalemated conflict with Iran after leaving a summit in China with President Xi Jinping.

International benchmark Brent crude futures for July gained more than 2% at $108.25 a barrel by 10:18 a.m. ET. U.S. West Texas Intermediate futures for June advanced more than 2% at $103.76 per barrel.

Trump told Fox News that he is losing patience with Iran. "I am not going to be much more patient. They should make a deal," the president said in an interview that aired Thursday evening.

Trump told Fox that Xi would like to see the Strait of Hormuz opened. The Chinese president doesn't like the fact that Iran is charging tolls for ships to cross Hormuz, Trump said.

Xi agreed to not give military equipment to Iran, Trump said.

U.S. Treasury Secretary Scott Bessent told CNBC in an interview on Thursday that China will work behind the scenes to help reopen Hormuz. "It's very much in their interest to get the strait reopened," Bessent said.

Beijing has not mentioned Hormuz in its public statements from the summit. China's Foreign Ministry said Friday that "the use of force is a dead end" and negotiations are the right way forward.

"There is no point in continuing this conflict, which should not have happened in the first place," a Foreign Ministry spokesperson said. "To find an early way to resolve the situation is in the interest of not only the U.S. and Iran, but also regional countries and the rest of the world."

Trump said China had agreed to buy more oil from the U.S.

"They've agreed they want to buy oil from the United States, they're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska," Trump told Fox.

China has not confirmed the energy purchases. CNBC reached out to Chinese authorities for comment but did not receive a response before publication.