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%.
The Biden administration has sent defense officials to Taiwan in support of the nation over concerns that Russia’s invasion of Ukraine could spark China’s invasion of the self-governing island.
The smell of blood and sounds of gunfire and wailing car alarms woke residents in Kyiv on Friday as Russian tanks rolled into Ukraine's capital city for the first time.
A recent poll shows that just over one-quarter of Americans want the United States to become heavily involved in the overseas conflict in Eastern Europe.