The escalating tension between Russia and the United States has led to a slight increase in oil prices

Global stock markets rose in volatile trading on Tuesday as the market waited for President elect Donald Trump to make more appointments to the new government,while oil prices rose slightly due to escalating tensions between Russia and the United States over Ukraine.

Trump’s candidates for Treasury Secretary have expanded to include Mark Rowan,CEO of Apollo Global Management,and Kevin Walsh,former Federal Reserve governor.Trump said he will nominate Howard Lutnick,CEO of Wall Street brokerage Cantor Fitzgerald,as Secretary of Commerce to lead his trade and tariff strategy.

The market is preparing for potential tariffs and tax cuts,which could lead to rising inflation and reduce the magnitude of the Federal Reserve’s interest rate cuts.