Oil surges, stocks plunge, war continues.
Oil is rallying again after it emerged that the Biden administration was weighing a embargo of Russian crude, with the country possibly moving on the measure without European allies. A barrel of West Texas Intermediate was trading at $122.81 by 5:50 a.m. Eastern Time while Brent was at $125.40. During Asia trading, the global benchmark advanced to just shy of $140 as traders and analysts try to price the move, which would throw the crude market into further disarray. In Europe, natural gas surged 79%. There remain hopes than an Iran deal could be reached as soon as this week. This would increase global oil supply, although that production relief may take months to materialize.