Brent jumped as much as 2.2% before easing to trade near $73 a barrel, while West Texas Intermediate was below $72, after futures closed lower on Monday on signs Iran was seeking a deescalation. Israel, however, has continued its attacks, which started Friday by targeting nuclear sites.

We also discuss how China is maintaining a strong grip over rare earths, despite U.S. and China trade officials striking a deal last week in London.

President Donald Trump abruptly announced that he would leave the G7 summit a day early and return to Washington shortly after posting an ominous social media message that appeared to suggest more carnage in Iran.