President Donald Trump on Friday threatened China with a "massive" increase in tariffs in retaliation for Beijing imposing strict controls on rare earths.
Stocks tied to rare earths jumped after Trump threatened countermeasures against China, noting the country was holding the world "captive" over the metals.
China-U.S. trade relations were thought to be improving slowly, but this latest setback once again raised concerns higher tariffs may hurt demand for oil.