Trump-Xi Summit Targets Iran Deadlock, Hormuz as Ceasefire Fades; WTI Hits $98.70

President Trump heads to Beijing for talks with Xi Jinping on the Iran crisis, Strait of Hormuz blockade, and energy trade, after declaring the ceasefire 'on life support' following Tehran's rejection of a US 14-point proposal demanding full sanctions relief, asset unfreezing, reparations, and Hormuz sovereignty. The US launched Project Freedom on May 5 to escort ships through the strait—handling 20% of global oil—destroying six Iranian boats but pausing after 36 hours due to Saudi base denial, now lifted by Riyadh and Kuwait; Iran's storage strains at 25-30 days amid a 45km² oil slick off Kharg Island. UK deployed HMS Dragon as talks stall, driving WTI up 3.28% to $98.70/bbl on supply risks.