Oil at nearly 14-year high, sensex sheds 1,500 points, rupee breaches 77/$

NEW DELHI: Global crude oil prices soared to a 13-year high on Monday as talk of the US and its European allies exploring a ban on Russian oil and tightening the sanctions on Moscow for its invasion of Ukraine sent shockwaves across financial markets around the world, posing a major risk to economies, including India.
Brent crude, a major import for India’s energy needs, surged to $139 a barrel – the highest since July 2008. The sharp increase had a chilling impact on stock markets: the bellwether BSE sensex shed over 2.7% or nearly 1,500 points to slump to a seven-month low of 52, 843. Nearly 160 stocks touched a 52-week low as selling by foreign portfolio investors outdid sales in the aftermath of the global financial crisis.