NEW YORK — Stocks are opening lower on Wall Street and crude oil prices are rising sharply after European leaders agreed to cut nearly all imports of oil from Russia over the next six months. Energy stocks were the lone sector to rise in early trading on Tuesday as the price of U.S. crude rose 3.6% to almost $120 a barrel. The S&P 500 fell 1%. The index is coming off its best weekly gain since November 2020, which broke a seven-week losing streak.
Russia Ukraine War Europe French President Emmanuel Macron arrives for the an extraordinary meeting of EU leaders to discuss Ukraine, energy and food security in Brussels, Monday, May 30, 2022. European Union leaders will gather Monday in a fresh show of solidarity with Ukraine but divisions over whether to target Russian oil in a new series of sanctions are exposing the limits of how far the bloc can go to help the war-torn country.
Russia Ukraine War Europe European Council President Charles Michel speaks to media prior to the extraordinary meeting of EU leaders to discuss Ukraine, energy and food security at the Europa building in Brussels, Monday, May 30, 2022. European Union leaders will gather Monday in a fresh show of solidarity with Ukraine but divisions over whether to target Russian oil in a new series of sanctions are exposing the limits of how far the bloc can go to help the war-torn country.
Russia Ukraine War Europe European Parliament President Roberta Metsola and Poland's Prime Minister Mateusz Morawiecki talk before the an extraordinary meeting of EU leaders to discuss Ukraine, energy and food security in Brussels, Monday, May 30, 2022.
Russia Ukraine War Europe Ukrainian demonstrators demand an embargo on Russian oil during a protest in front of EU institutions prior to an extraordinary meeting of EU leaders to discuss Ukraine, energy and food security at the Europa building in Brussels, Monday, May 30, 2022. Russia Ukraine War Europe Estonian Prime Minister Kaja Kallas arrives for the an extraordinary meeting of EU leaders to discuss Ukraine, energy and food security in Brussels, Monday, May 30, 2022. European Union leaders will gather Monday in a fresh show of solidarity with Ukraine but divisions over whether to target Russian oil in a new series of sanctions are exposing the limits of how far the bloc can go to help the war-torn country.