After another day of aggressive selling-off — Monday was the single-worst trading day of the year — markets are mixed in early trading. While the Dow is buoying off its crushing 800-point loss yesterday, +50 points a half hour before the opening bell, the Nasdaq is still -25 points, likely still shedding tech futures. The S&P 500 has split the difference, +5 points at this hour.

Right now, it’s all about oil prices and attempts from Western governments to squeeze Russia’s economy. The WTI and Brent crude indexes continue to climb: $125 and $130 per barrel — both over +5%, respectively. This is more than twice what oil prices were back in early December. And this morning, the White House is expected to announce it is banning all oil imports from Russia.

Royal Dutch-Shell also has stated it will no longer purchase oil and gas from the aggressor nation due to its invasion of Ukraine. The London-based oil supermajor also apologized for its most recent purchase from Russia. These moves, along with confiscating yachts and other assets from Russia’s oligarchs throughout the Western world, are designed to greatly diminish that country’s economy, which is reportedly 60% oil and gas related.

For its part, the Moscow-based government warned that the price per barrel of oil could inflate to $300, which would certainly put a crimp in demand worldwide. It also may lead to a global recession, as oil and gas powers much of the industrialized world. And while the U.S. and other nations start ramping up supply to make up for mothballed pipelines such as Nord Stream 2, it will take some time for the global energy sector to find a new footing.

Meanwhile, of electric vehicles (EVs) in today’s pre-market, only NIO (NIO Quick QuoteNIO - Free Report) is up +1.7% at this hour. Other EV makers, including industry leader Tesla (TSLA Quick QuoteTSLA - Free Report) , are flat to down thus far (although Tesla shares are +43% from this time a year ago). Even Ford (F Quick QuoteF - Free Report) and General Motors (GM Quick QuoteGM - Free Report) , two of the Big Three U.S. automakers from the 20th century, are going big into EVs, though their share prices are not yet reflecting this reality in light of skyrocketing oil prices.