Oil prices soared and investors shifted more money into ultra-safe U.S. government bonds as Russia stepped up its war on Ukraine.
The price of oil surged back above $100 a barrel after Russia, a major energy producer, faced further isolation and economic damage because of its invasion of Ukraine.
The rush into bonds pushed the yield on the 10-year Treasury back down to 1.77%, where it was in early February.
Stock prices were mixed in the early going on Wall Street.
The S&P 500 was bobbing between small gains and losses in the first few minutes of trading.
European markets were lower.
Meanwhile, the International Energy Agency says all 31 member countries have agreed to release 60 million barrels of oil from their strategic reserves “to send a strong message to oil markets” that there will be “no shortfall in supplies” as a result of Russia’s invasion of Ukraine.
The IEA board made the decision Tuesday at an extraordinary meeting of energy ministers chaired by U.S. Energy Secretary Jennifer Granholm.
Besides the United States, other members of the organization include the United States, Germany, France, the United Kingdom, Japan and Canada.
It’s only the fourth time in history that the IEA has done a coordinated drawdown since the reserves were established in 1974.
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