The West is considering cutting off Russian oil and that hit the markets hard today.

The Dow entered correction territory today as investors bought up gold, and oil briefly hit $130 a barrel.

The Dow fell 797 points, about 2.3%, to close at 32,817
The Nasdaq dropped 482, over 3.5%.
The S&P was down 127, almost 3%.

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U.S. and European allies are talking about banning Russian oil imports. Global oil prices have spiked 60% since the beginning of the year. U.S. Secretary of State Antony Blinken says a prolonged war in Ukraine could push oil above $150/barrel. At the closing bell, oil was $119/barrel.

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Gas prices are a similar story. The national average right now is $4.06/gallon. That’s a nickel away from hitting the all-time high of $4.11/gallon that we saw back in July of 2008.

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Airlines aren’t immune here. As they struggle to return to normal after two years of pandemic, Russia’s invasion of Ukraine has jet fuel at the highest rate in 13 years. United airlines stock was down 10% today. Delta fell 8%.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.