Shell announces it will stop buying Russian oil

Shell has said it will stop buying Russian oil as international companies come under increasing pressure to cut ties with the country following its invasion of Ukraine.

Tuesday’s decision came hours before the US and UK governments banned imports of Russian oil. The turmoil rocked global markets, sending oil prices soaring to a 14-year high overnight. Shell said it would immediately stop buying Russian oil on the spot market, which is used for one-off transactions involving quick deliveries, and would not renew longer-term contracts.

The company intends to completely withdraw from the Russian oil, petroleum products, natural gas and liquefied natural gas market in a “gradual” manner.

Stocks falter as crude oil prices rise

Shares ended lower after another day of yo-yoing between gains and losses after crude oil prices rose again as the United States banned imports from Russia.

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

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

Crude prices rose more than 3%.

State’s Largest Wedding Venue Planned at Springville Farm

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

Sandy Creek Farms in Henry County, Northwest Tennessee has six separate sites on 430 private acres and includes a 20-acre lake and island, 10 miles of pine forest trails, and six huts for accommodation.

“We want to transform the property into a destination wedding venue unlike any other in the United States,” Venue Manager Michelle Jarrell said in an announcement of the plans Tuesday. “We continue to develop our property and our offerings.”

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

— Compiled by Dave Flessner