Stocks in the markets across the world swung on Tuesday and oil
prices surged sharply. The nickel prices rose so much that trading
for it was suspended in the London Metal exchange.

The S&P 500 was down 0.8% in morning trading after
earlier swinging between gains and losses. The Nasdaq composite was 1% down in
its first session after it dropped more than 20% below its record high, and the
Dow Jones Industrial Average was down 156 points, or 0.5%, at 32,660, as of
10.37 am Eastern time zone.

Also Read | US bans Russian oil imports over Ukraine invasion: Joe Biden

Oil prices have surged amid worries about disruption in
global supplies because Russia is one of the largest oil producers.

President Joe Biden has decided to ban imports of Russian
oil. US crude rose 7.5% to $128.38 per barrel in morning trade. Brent crude,
the international standard, rose 7.5% to $132.40, a day after briefly hitting
its highest level of $139.

Biden announced the move on Tuesday. The
United States will be acting alone, but in close consultation with European
allies, who are more dependent on Russian energy supplies. European countries
have said they aim to reduce their dependence on Russia for their energy needs,
but filling the gap without crippling their economies will take some time.

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All the economic sanctions on Russia raise questions
about how high prices will go for oil, natural gas, wheat and other commodities
where the country is a major producer.

On Tuesday, trading in nickel was suspended on the London
Metal Exchange after prices surged around 250% to an unprecedented $100,000 per
metric ton.

Also Read | Ukraine crisis: Energy stocks in focus as prices fluctuate

In Asia, most stock indexes were down, with Japan’s
Nikkei 225 down 1.7%. European stocks swung between gains and losses, and the
French CAC 40 was down 0.4%.

Gold price, a measure of nervousness on Wall Street, rose
3.3% to $2,062.40 per ounce.

Also Read | LME suspends nickle trading after unprecedented 250% spike

Treasury yields also climbed, with the 10-year Treasury’s
yield up to 1.84% from 1.75% late Monday.

Apple, Microsoft, and Amazon all fell by at least 1.8%.
In contrast, oil-related companies were benefiting from higher crude prices as
Chevron jumped 5.8%, Exxon Mobil rose 8.7% and Schlumberger plunged 8.5%.