Russia’s continued aggression pushed energy prices higher. West Texas Intermediate crude futures jumped 8% on Tuesday, breaking above $105 per barrel and hitting its highest level in seven years.
“Stocks are mostly for sale, and the underlying price action is worse than the headline indices make it seem … Russia/Ukraine uncertainty remains the primary theme and there still isn’t enough clarity for stocks to feel comfortable stabilizing,” Adam Crisafulli of Vital Knowledge said in a note to clients.
Wheat prices also surged Tuesday. The rise in commodity prices added to inflation fears in the U.S. and Europe.