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.
In 1974 when Vice President Gerald Ford succeeded to the presidency after Richard Nixon resigned, the country was in a bad economic crisis. The Arab oil shocks of 1973 led to a 300% increase in the price of oil, which translated into inflation of more than 12%.
Officials from Russia and Ukraine met in Gomel region, Belarus on Monday to talk about potentially ending the invasion of Russia into the Ukrainian-held territory.
Western news outlets and social media accounts spread the story of Ukrainian soldiers on Snake Island defiantly telling off the Russian navy before being killed—the story is now confirmed "fake news."