Sydney/London — Oil prices soared and shares sank in frantic trading on Monday as the risk of a US and European ban on imports from Russia and delays in Iran’s renewed nuclear talks boosted commodities and threatened a stagflationary shock for world markets.
Having surged 18% in wild early action, Brent was last quoted $9.95 higher at $128.06, while US crude rose $8.94 to $124.66. Asian markets were a sea of red. Japan’s Nikkei sank 3.4% to a 15-month low, while MSCI’s broadest index of Asia-Pacific shares outside Japan lost 2.4%. Chinese blue chips shed 2.3%.
The Russia-Ukraine conflict also weighed on talks aimed at reviving Iran’s nuclear deal with major powers, after Tehran accused Russia of “interference”.
let's *all park the cars and cycle to gym 😭