Oil prices jumped on Friday and stocks tumbled 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, but there was little indication that Mr. Trump had secured a promise from China to help persuade Iran to reopen the Strait of Hormuz.
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.