Shell says it will stop buying Russian oil and more business news

Shell says it will stop buying Russian oil

Shell says it will stop buying Russian oil as international companies come under increasing pressure to sever ties with the country after its invasion of Ukraine.

The move Tuesday came hours before the U.S. and British governments banned Russian oil imports. The turmoil has rattled global markets, sending oil prices surging to a 14-year high overnight. Shell says it will immediately stop buying Russian oil on the spot market, which is used for one-time deals involving rapid deliveries, and it would not renew longer-term contracts.

The company intends to totally withdraw from the Russian market for oil, oil products, natural gas and liquefied natural gas in a “phased manner.”


Stocks wobble lower as crude oil prices rise

Stocks ended lower following another day of yo-yoing between gains and losses after crude oil prices rose anew as the U.S. banned imports from Russia.

The price of nickel surged so much that trading for the metal was shut on Tuesday as the economic fallout from Russia’s invasion of Ukraine continues to rock markets.

The S&P 500 fell 0.7% after careening between a loss of 1% and a gain of 1.8%. Wide swings have become common as investors struggle to guess how high oil prices will go, and how much they’ll weigh on the economy and further stoke inflation.

Crude prices rose more than 3%.


State’s biggest wedding venue planned at Springville farm

A historic farm in Springville, Tennessee, is being resurrected as the largest wedding venue in the state.

The Sandy Creek Farms in Henry County in Northwest Tennessee boasts six separate venues on 430 private acres and includes a 20-acre lake and island, 10 miles of trails within pine forests, and six cabins for lodging.

“We want to transform the property into a destination wedding venue that is unlike any other in the United States,” Michelle Jarrell, the venue manager, said in an announcement of the plans Tuesday. “We’re continuing to expand our property and offerings.”

Sandy Creek Farms opened in 2019 and has already hosted almost 100 events, including weddings, graduations and corporate events.

— Compiled by Dave Flessner

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