Opening Bell, March 7

Welcome back.?Today we're seeing how oil is now at its highest since the 2008 financial crisis, as the West takes aim at Russia's energy sector — and we take a look at what's happening with the ruble, as well as the broader market turmoil.

Here we go.?

Sign up here to receive Insider’s full 10 Things Before the Opening Bell newsletter — directly in your inbox.

1. Oil has surged to almost $130 a barrel after the US and Europe said they may consider banning the country's energy exports.?Here's a rundown of what's going on:?

• US Secretary of State Anthony Blinken on Sunday said the government was talking to European allies about clamping down on Russia's oil exports.
• Russia is the third-largest exporter of crude oil and a major shipper of natural gas, and the price of one barrel is now?at its highest since the 2008 financial crisis.
• The ruble has cratered to a new record low, as investors prepare for total economic collapse, which?experts say?the Russian Central Bank may now not be able to avoid.?
• In case you missed them, here are seven?seismic market moments that happened last week.

Notably, Russia's aggression?toward Ukraine has compelled some of the world's?largest companies to abandon operations?in the country. With sanctions?choking?off the economy, Apple and Disney both suspended business activities in Russia, and several behemoths in the?oil and gas sector?wrote off a combined $30 billion in investments within 72 hours.?

A few more details:?

• The ruble is worth less than one penny and Russians have been scrambling to?withdraw US dollars at ATMs.?
• Russia's MOEX exchange was closed all week after it?crashed more than 50%?the day after the invasion began.?
• Multiple rating agencies downgraded?Russian credit to "junk."

In other news:

2. Global stocks are tumbling as oil surges.?Investors now fear a oil-price shock that could plunge the world economy into stagflation.?Here's what's going on across the markets.

3. BlackRock's global chief strategist revealed why the firm has changed its outlook on US stocks.?The world's biggest investment firm is pivoting in how it plans to manage equities.?Here's what the chief strategist sees as the biggest risks to investors right now.?

4. A tectonic shift is underway for crypto as it takes "a seat at national security discussions."?Two industry titans explained how bitcoin is laying down the foundations for a multi-decade bull run that will vindicate early investors —?and why now is the time to buy into any weakness.

5.?America added more jobs than expected last month.?The US added 678,000 jobs in February, outpacing the median estimate of 440,000 payrolls. Additionally, the unemployment rate edged lower to 3.8% from 4%.?The new data bodes well for a recovering labor market.?

This is a condensed version of Insider’s 10 Things Before the Opening Bell newsletter. To see items 6-10, sign up here to receive the full newsletter in your inbox.

Plus, Insider has a wide array of industry-specific newsletters — see them all here.

This newsletter was curated by Phil Rosen.

Thoughts or questions? Sound off in the comments section below.