US stocks inched lower Tuesday following the Memorial Day weekend and last week's rally. Oil surged to a two-month high of $123 as the European Union announced a partial Russian oil embargo. AdvertisementUS stocks were lower on Tuesday, losing steam after last week's rally as rising oil prices stoked renewed inflation fears among investors. Oil surged to a two-month high of $123 Tuesday after the European Union agreed to ban most Russian crude and China eased up on its COVID restrictions. Meanwhile, the IEA chief sounded the alarm on summer fuel shortages, and that a triple energy crisis of oil, gas, and electricity simultaneously could outstrip the oil shocks of the 1970s.

Source: Mint May 31, 2022 15:08 UTC