Oil prices went down on Wednesday amid rising market expectations that the United States and Iran are nearing the end of hostilities and will lift the blockade of the Strait of Hormuz.
Crude futures experienced strong volatility on Wednesday, plunging more than 11 percent at one point during the session.
At the close of trading, the West Texas Intermediate for June delivery dropped 7.19 U.S. dollars, or 7.03 percent, to settle at 95.08 dollars a barrel on the New York Mercantile Exchange.
Brent crude for July delivery lost 8.6 dollars, or 7.83 percent, to settle at 101.27 dollars a barrel on the London ICE Futures Exchange.
Crude futures settle lower amid hopes of Hormuz blockade lift
Prime Minister of the Republic of Uzbekistan Abdulla Aripov arrived in Beijing on Wednesday night for a two-day visit to China.
Aripov will co-chair the eighth session of the China-Uzbekistan Intergovernmental Cooperation Committee with Chinese Vice Premier Liu Guozhong.
China has remained Uzbekistan's largest trading partner for several consecutive years. Data released by Chinese Customs shows that in the first quarter of 2026 alone, bilateral trade turnover rose by more than 35 percent year on year to over 4.1 billion U.S. dollars.
In recent years, cooperation between the two countries has shown full-scale expansion and vigorous development, in fields including new energy, smart agriculture, green minerals, high technologies, and public health.
One flagship cooperative project is the China-Kyrgyzstan-Uzbekistan railway, designed to boost trade and economic ties across Central Asia, creating a diverse framework of connectivity.
Meanwhile, the two sides have also enhanced law enforcement and security cooperation, and further strengthened coordination on international and regional affairs within the frameworks of China-Central Asia mechanism as well as the Shanghai Cooperation Organization.
Uzbek PM arrives in Beijing for two-day visit to China
