Energy costs are climbing over concerns the conflict in Eastern Europe could disrupt crude and natural gas supplies.
Stocks fell as investors tried to measure how the conflict would impact the global economy. The S&P 500 dropped roughly 68 points, or 1.6%, to close at 4,306. The Dow Jones Industrial Average lost nearly 598 points, or 1.8%, and the tech-heavy Nasdaq dropped 1.6%. The declines add to the market's losses after a two-month skid for the S&P 500.
U.S. benchmark crude oil jumped 8% to $103.41 per barrel, reaching the highest price since 2014. Brent crude, the international standard, surged 7.1% to $104.97. "Moving forward with the release reflects the magnitude of expected disruptions to global energy markets driven by sanctions on Russia," Clayton Allen, director, and Raad Alkadiri, managing director of energy, climate & resources at Eurasia Group said."Disruptions will also highlight the importance of U.S. domestic production," the analysts said.
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