Stocks Drop, Oil Tops $115 Amid Supply-Crunch Fear: Markets Wrap
- White House considering ban on Russian crude imports to U.S.
- Ukraine says Russian forces targeted a nuclear power plant
Stocks fell, while the dollar climbed with bonds as concerns that war risks are intensifying roiled global markets. Oil topped $115 a barrel on news the U.S. is considering a ban on imports of Russian crude for its invasion of Ukraine.
The S&P 500 dropped for the fourth time in five days, while commodities soared as Russia’s growing isolation sparked fears of prolonged shortages and accelerating inflation. The White House is assessing if an oil ban would actually hurt the Russian economy or if crude would simply go to other markets and drive up gasoline prices. The greenback hit the highest since 2020, and 10-year yields declined 10 basis points. Europe’s common currency approached a key support level that goes back to the euro’s inception in 1999.