(Bloomberg) — Oil headed for a weekly gain as the crucial Strait of Hormuz remains effectively closed, with efforts to end the war in limbo and disruptions that have upended global markets set to linger.

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Brent rose to trade near $107 a barrel, with futures up almost 6% this week. West Texas Intermediate was above $102. President Donald Trump said the US doesn’t need Hormuz open, according to an interview with Fox News following a meeting with China’s Xi Jinping on Thursday. He added that the Chinese leader wants to see the war end and likes the idea of buying more American oil.

But during a sitdown with Xi in Beijing on Friday, Trump said on Iran: “We don’t want them to have a nuclear weapon. We want the straits open.”

Trump and Xi are meeting again after their Thursday summit, where they spoke about the Iran war and the Strait of Hormuz, according to an official from the White House. China’s official readout did not include energy among the topics discussed, but it did say the Middle East was addressed.

The war has driven global oil inventories down at a record pace, and the market will remain “severely undersupplied” until October even if hostilities end next month, the International Energy Agency said this week. US data released on Tuesday underscored how the conflict is reigniting inflation, piling domestic pressure on Trump ahead of the midterm elections in November.

“I think the path of least resistance very near term for prices remains more to the bullish side as we continue to see crude oil and fuel inventories contract,” said Dennis Kissler, senior vice president for trading at BOK Financial Securities Inc. “Since the current agreements are far apart, escalation of tensions are more likely than not.”

A ceasefire has been in place since early April, despite a series of flareups, but Washington and Tehran appear to be making little progress toward resolving their differences. Trump recently said the truce was on “massive life support,” while deriding the Iranian response to his proposal to end the war.

A US naval blockade of Iran’s ports remains in place, while the waters in the region continue to be treacherous for mariners. A commercial vessel was seized by unauthorized personnel at the entrance to the strait on Thursday and taken into Iranian waters.