U.S. benchmark crude oil prices jumped 10.6% to $105.82 per barrel, reaching the highest price since 2014. Brent crude, the international standard, surged 9% to $106.82.
The crisis in Ukraine prompted an extraordinary meeting of the International Energy Agency’s board, which resulted in all 31 member countries agreeing to release 60 million barrels of oil from their strategic reserves.
Investors continued putting money into bonds. The yield on the 10-year Treasury fell sharply, to 1.71% from 1.83% late Monday. It is now back to where it was in January. In February, it had crossed back above 2% for the first time in over two years. The 10-year Treasury yield is used to set interest rates on mortgages and many other kinds of loans.
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