Wall Street Today | Markets volatility is the only certainty for traders as war rages on

U.S. equity futures slid Monday amid fears about inflation risks for the world economy as oil soared after the Biden administration raised the prospect of working with allies to ban imports of Russian crude.

Volatility has soared as investors attempt to digest the severity of the conflict, with accusations of "nuclear terrorism" amid reports Russia an atomic power plant and as a flood of refugees exited Ukraine for other European nations. A gauge of swings in U.S. Treasuries last week climbed to the highest in almost two years, as 10-year yields dipped below 1.7%, market liquidity thinned, and popped up in money markets.

U.S. crude oil surged more than 8% in early trading on Sunday evening as the market continued to react to supply disruptions stemming from Russia’s ongoing invasion of Ukraine and the possibility of a ban on Russian oil and natural gas.

West Texas Intermediate crude futures, the U.S. oil benchmark, traded 8% higher to above $125 a barrel, the highest since mid-2008. At one point the price topped $130 a barrel.

"Tesla right now is the only EV company that has a demonstrable, viable business," Steve Sosnick, chief strategist at Interactive Brokers LLC, said in a phone interview. "All the other ones are still concept stocks."

The new company will design, develop and sell electric cars but not own or operate manufacturing facilities. With its years-long expertise in car making, Honda will be responsible for manufacturing the car at its own plants. Sony will develop the "mobility service platform" for the car.

Shell said in a statement late Saturday that it had been in "intense talks with governments and continue to follow their guidance around this issue of security of supply, and are acutely aware we have to navigate this dilemma with the utmost care.”

"Given the circumstances on the ground, we have decided to suspend our service in Russia," a spokesperson said Sunday afternoon.