President Joe Biden will meet with Federal Reserve Chairman Jerome Powell on Tuesday as soaring inflation continues to carve up Americans’ earnings.

U.S. markets headed lower before Tuesday’s opening bell after the European Union agreed to embargo most Russian oil imports by the year’s end, sparking a fresh spike in oil prices, AP reports.

Futures for the Dow Jones Industrial Average slipped 0.6%, and the S&P 500 ticked down 0.5%.

Oil prices, up almost 60% this year, rose another 3% and neared $120 per barrel early Tuesday after the EU said it would embargo most Russian oil imports because of its brutal invasion of Ukraine.

The pact was worked out at a summit focused on helping Ukraine with a long-delayed package of new financial support. The embargo covers Russian oil brought in by sea, allowing a temporary exemption for imports delivered by pipeline. That was crucial to bring landlocked Hungary on board, a decision that required consensus.

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