Ripping the Band-Aid off… The EU’s preparing to ban Russian oil by year’s end to pressure President Putin — a shift from just weeks ago. The ban will test Europe’s reliance on Russia, which supplies a third of the EU’s oil. Hungary, Slovakia, and others already said they’d need more time to ditch Russian oil. The EU ban will take 2M barrels off the market daily, which could send global oil prices — up 40% this year already — even higher. Supply disruptions have also reduced US diesel inventory to a 30-year low, stressing diesel-guzzling industries (think: shipping, energy).
(Super) Bored Ape Yacht Club… Not even Snoop Dogg can keep NFT prices from dropping like they’re hot. Last year NFTs made a splash in the crypto-sphere, becoming a $17B market seemingly overnight. But global sales are down 92% from September as traders feel the weight of inflation and high interest rates. Last week Coinbase launched its first NFT marketplace, but saw less than $60K worth of trades on its debut. With markets going haywire, collectors are less likely to splurge on a digi-ape — some are selling for less than a third of the OG price.