By Shadia Nasralla LONDON, May 14 (Reuters) - Oil prices dipped on Thursday after Iran's state media said about 30 vessels had crossed the Strait of Hormuz in recent hours while the semi-official Fars news agency cited a source saying Iran had begun allowing transit for some Chinese vessels.

OPEC cut its demand growth estimates for 2026 to about 1.2 million barrels per day.

The International Energy Agency says the oil market is likely to remain in deficit until the final quarter of the year, as disruptions at the Strait of Hormuz continue to constrain supply, increasing the risk of renewed price volatility.

Oil prices moved modestly higher on Thursday as investors closely monitored the summit between Donald Trump and Xi Jinping for any signs of diplomatic progress that could help ease the conflict involving Iran.

The suspected oil spill covering many square miles of sea near Iran’s main oil hub of Kharg Island has been seen on satellite imagery.

Oil prices edged up on Thursday, with market participants focused on the meeting between U.S. President Donald Trump and Chinese President Xi Jinping to ‌scour for progress on a resolution for the Iran war.

The Justice Department is probing suspicious trading timed to market swings, two sources say.

Minister Vicente de la O Levy says ‘Cuba is open to anyone that wants to sell us fuel’ as rolling power blackouts increase

Substitutes will be used in light of a looming motor oil shortage at North American Toyota dealers, allegedly.

Kirloskar Oil Engines posts 21% Q4 profit and revenue growth, driven by power generation and industrial demand. Shares of Kirloskar Oil Engines ended marginally lower on 0.29% at ₹1,594.90 on the NSE.

Global oil prices have climbed by nearly 50% since the the end of February, but the rise pales in comparison to an estimated loss of nearly 1 billion barrels since the start of the Iran war 75 days ago.