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Good morning. Today is Monday, March 28th, and I'm your host, Rina Schirbel. Our top stories today.

Shanghai Lockdown hits oil, billionaire tax proposal, and Apple wins big at the Oscars.

Leading today's news. The latest round of lockdowns in China

could have a profound impact on world markets

as the country continues to pursue a zero COVID strategy to combat a spiraling outbreak.

Shanghai just launched a two-stage lockdown that will close down bridges and tunnels

and restrict highway traffic in China's largest city.

Residents will also be barred from leaving their homes,

while many production plants will go offline,

like Tesla's factory in Shanghai.

As a 5 a.m. on Monday, the city will lock down areas for four days,

including the financial

district and industrial parks. The lockdown will then move to the other half of the

city in the West for an additional four days. During that time the Shanghai

Stock Exchange will shift many services online and extend the time

window for listed companies to release statements or earnings.

Besides another round of supply chain disruptions, the latest curbs hammered oil prices overnight, sending a barrel of W.T.I. Crude

down 4% to under $110.

Brent Crude futures, meanwhile, tumbled by the same amount to as low as the $112 level.

Both benchmark contracts are coming off their first weekly gain in three weeks while

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