Stocks Weigh Historic U.S. Ban On Russian Energy, Oil Nears $130 Per Barrel

Stocks Weigh Historic U.S. Ban On Russian Energy, Oil Nears $130 Per Barrel

Share to Linkedin Stocks opened slightly lower on Tuesday—adding to this week's losses after the market's worst day since 2020—as investors remain concerned that surging energy prices could result in slower U. S. economic growth, with the Biden administration readying a new ban on Russian oil imports. Tuesday's moves follow a steep sell-off on Wall Street a day earlier, in which the S&P 500 plunged nearly 3%—its biggest drop since 2020—the Dow tumbled 800 points and the Nasdaq lost 3. 6%, putting the index into bear market territory. Surging commodity prices—including everything from oil, natural gas and precious metals—have surged in recent weeks due to the ongoing conflict between Russia-Ukraine, with experts now worrying that could lead to a slowdown in global economic growth. In the U. S. markets especially, investors have become increasingly risk-averse, turning to safe haven assets like Gold amid fears that soaring energy prices will exacerbate already high levels of inflation, which remains at 40-year highs. Oil prices continued to skyrocket Tuesday amid news that the Biden administration is preparing to announce a ban on Russian oil imports in response to the country's actions in Ukraine: U. S. benchmark West Texas Intermediate now sits at $127