New Delhi, May 14 -- Global oil markets remained relatively calm on Thursday as US President Donald Trump and Chinese President Xi Jinping met in Beijing amid expectations of a diplomatic breakthrough in the West Asia conflict, even as fresh attacks on commercial vessels in the region underscored the fragility of the ceasefire and kept investors on edge.

At 7.40 pm India time, the July contract of benchmark Brent crude traded at $105.25 per barrel, down 0.25% from its previous close. The June contract of West Texas Intermediate on the NYMEX was down 0.2% at $100.80 a barrel.

The subdued market reaction contrasted sharply with the surge in crude prices to record highs of $126 per barrel on 30 April, after the war and subsequent blockades...