Roughly 44% of China's crude imports from the U.S. were lighter density, lower-sulfur types, like West Texas Intermediate produced in Texas, which are known as light, sweet grades. That type of oil could find demand from European and Indian refiners at competitive prices and could continue to be exported, analysts said.

China announced export controls on Tuesday targeting five metals used across defence, clean energy and other industries minutes after an additional 10% tariff on Chinese goods imposed by U.S. President Donald Trump came into effect.

In a move that escalates the ongoing trade war, China has revealed stringent export restrictions on five metals crucial to multiple sectors including defense, clean energy, and various other industries,