Global stocks fall, US yields rise as oil prices reach new highs
NEW YORK :Global equity markets dipped while U.S. Treasury yields rose sharply on Tuesday as investors weighed the prospects of higher inflation following a phased ban of Russian oil imports by the European Union that has lifted crude prices to new highs.
EU leaders agreed in principle to cut 90 per cent of oil imports from Russia, the bloc's toughest sanction yet on Moscow since the invasion of Ukraine in February.
The new sanctions will apply to Russian crude that is delivered by shipments and will be phased in over six months, with refined products implemented over eight months. The embargo exempts pipeline oil from Russia as a concession to Hungary.
Oil prices reached new highs on Tuesday following the EU announcement, with benchmark Brent crude rising 0.96 per cent to $122.84 a bar...