Crude Oil

[JohnCM]

While Russian crude only accounts for 3% of American imports, it's responsible for over half of Russia's export earnings. The U.S. may even go at it alone - without the participation of allies in Europe (at least initially) - and is looking to make sure there is enough supply to offset any collateral damage. American officials held face-to-face meetings in previously-sanctioned Venezuela this weekend, with analysts speculating the OPEC member could be a source of incremental supply as gasoline prices in the U.S. topped $4 a gallon nationwide (Biden advisers are also weighing a trip to Saudi Arabia).