Oil prices jumped, stocks tumbled and bond yields spiked as the markets contended with persistent supply disruptions in the Middle East and the absence of meaningful breakthroughs at the summit in Beijing between President Trump and China’s leader, Xi Jinping.
The leaders of the world’s two biggest economies emphasized stability on Friday as their high-stakes talks ended. Mr. Trump said he had not asked Mr. Xi to pressure Iran to reopen the Strait of Hormuz because “I don’t need favors.”
The strait, a narrow waterway that carries a fifth of the world’s crude oil, has remained effectively closed since the United States and Israel went to war with Iran in late February.