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Oil Prices Soar, Stocks Tumble

1_OILPRICES

The invasion of Ukraine, now in its 13th day, is causing an increasing number of countries that rely on Russian petroleum products to consider shutting down those supply lines.

The instability that creates sent Brent crude past $130 a barrel yesterday — its highest level since July 2008 — before easing slightly as markets closed, according to The Wall Street Journal.

Surging oil prices also deepened concerns about economic growth, which in turn sent the Dow Jones Industrial Average down 1.9 percent — more than 600 points — and caused the S&P 500 to drop by 2.3 percent — about 657 points — WSJ reported.

“The rise in oil is destabilizing the market,” Jay Hatfield, chief executive and portfolio manager at Infrastructure Capital Advisors, told the newspaper. “The market is concerned about the war and its impact on U.S. growth and U.S. companies.”

Looming interest rate hikes, rising fuel prices, high inflation, supply-chain woes and concerns about the war in Ukraine could cool the two-year sales boom the marine industry has been experiencing.

Trade Only Today reached out to a number of industry executives yesterday afternoon for their take on the state of the global economy and its impact on the industry. None were available for comment.

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