Global markets plunged Thursday after Russia launched an invasion of Ukraine in the early morning hours.
, were among the beneficiaries in premarket trading. The reason for the surge in energy prices: Russia is a major global producer of oil and natural gas, which surged 6% on Thursday.
Any long-term spike in energy prices could exacerbate soaring inflation in the U.S. and complicate the's path for multiple interest rate increases this year. On one hand, central bankers need to weigh the possibly of even stronger price pressures — which could argue for more aggressive hikes — against a knock on the economy and markets — which could argue for a more gradual tightening.
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