Crisis in Ukraine is yet another worry for companies facing supply chain woes, higher costs and Fed interest rate hikes.
Oil prices already had surged recently to their highest level since 2014. By early Tuesday, the advance of U.S. benchmark crude oil had abated slightly. It was up about $3, or 3.5%, to about $94 per barrel in electronic trading on the New York Mercantile Exchange. The price of Brent crude, the standard for international oils, gained about $4.50, or nearly 5%, to hit about $98 per barrel.
The U.S. and European Union condemned Russia and prepared to hit back with sanctions. On Tuesday, Germany suspended the approval process for the Nord Stream 2 pipeline that would bring Russian natural gas to Europe. Western powers have feared Russia might use skirmishes in Ukraine's eastern regions as a pretext for an attack on the democracy, which has defied Moscow's attempts to pull it back into its orbit.
Bond yields were mixed. The yield on the 10-year Treasury held steady at 1.92%, where it was late Friday. Stock and bond markets were closed on Monday for the Presidents Day holiday.
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