The price for U.S. gasoline hit record highs, tracking a surge in global energy markets and showing how the war

in Ukraine is having far-reaching economic consequences.

Russia’s invasion of Ukraine sets the stage for faster-rising consumer prices.

President Biden is caught between conflicting demands that he tame rising consumer prices, while banning Russian oil imports, a sanction that would threaten even more inflation and raise pressure on allies with more dependence on oil imports.

President Biden announced he was banning energy imports from Russia — the price of Brent crude increased 15.9%, and the price of West Texas Intermediate (WTI) crude was up 14.4%.

The war in Ukraine is pushing the Biden administration toward Venezuela, Iran, and Saudi Arabia as it hunts for new oil supplies.

Domestic stocks moved lower last week amidst more heavy volatility provoked by the continued Russian invasion of Ukraine.

·The Nasdaq fell 22% below its recent peak, more than the 20% threshold that typically delineates a bear market.

·At its low point, the S&P 500 was roughly 14% off its high, still in correction territory.

·Consumer staples stocks underperformed as Coca-Cola, PepsiCo, and other food and consumer products makers announced that they were suspending business in Russia.

Soaring commodity prices, sweeping financial sanctions and the potential for a ban on energy imports from Russia after it invaded Ukraine are threatening to hobble a global economy still weakened by the Covid-19 pandemic.

Rising energy, food and services prices pushed already elevated U.S. inflation to a 7.9% annual rate last month — another four-decade high — with oil and commodity market disruptions from the Ukraine crisis expected to add more cost pressures.