Russia-Ukraine war displaces 10 million as fighting continues

Yahoo Finance Live's Julie Hyman and Brian Sozzi report that the tally of people displaced by the Russia-Ukraine war has reached 10 million and the oil market response as EU considers a Russian oil ban.

Video transcript

JULIE HYMAN: Well, the tally of people in Ukraine who have now been displaced by the war is 10 million. According to the United Nations, 3.4 million of them have left Ukraine. The remainder have just been displaced from their homes. We have seen Vladimir Putin and Russia targeting civilians, according to military experts, as he is frustrated by the progress of the invasion. The latest in the conflict, a Russian missile, hit a shopping mall in northern Kyiv, and Ukraine also saying it will not relinquish the besieged city of Mariupol in the South.

Meantime, over the weekend, there was interesting report in the Washington Post that talked about the war potentially headed toward stalemate, as the two sides sort of not necessarily gaining any ground. But we could see that developing. And Brian Sozzi, you continue to watch oil prices, as do we all. They are moving up again this morning, even though last week, on a weekly basis, we saw oil pull back.

BRIAN SOZZI: Yeah, I'll quickly add here, Julie, you're seeing oil markets respond to this. Oil up now for the third straight day, up 14% since the close last Wednesday. So clearly, that sell-off that we saw earlier over the past few weeks, that sell-off is now over. You're seeing the bulls retake the oil markets.

Also worth noting here, Julie, of course, this keeps ahead of President Joe Biden going over to Europe. There could be a potential European Union ban on Russia, or they will unleash a Russian oil embargo. So there's, I think, a lot of bulls piling in here on expectations that that bullish trade that did happen initially after the start of the war might come back here.