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- The highest oil prices since 2014 sparked fears that a developing energy shortage may derail the global pandemic recovery, sending US futures and European equities down.
- As flooding shut down operations, west Texas intermediate crude climbed beyond $80 a barrel, and China's coal futures hit a new high. European shares were slightly weaker, with travel companies leading the way lower. Contracts in the United States also fell, with the tech-heavy Nasdaq 100 trailing the S&P 500.
- Fuel shortages in China and Europe support the notion that higher inflation will persist beyond central bankers' estimates, forcing them to raise interest rates more quickly to alleviate pricing pressures. Price pressures are projected to have stayed elevated last month, according to inflation figures due Wednesday.
