Oil leads commodities charge as shares tumble due to Ukraine conflict
NEW YORK (Reuters) – Oil and other commodities prices soared while global shares sank on Monday as the risk of a U.S. and European ban on Russian crude imports threatened supply chains and heaped further inflationary pressure on economies worldwide.
Brent, the international benchmark, briefly hit more than $139 a barrel, its highest level since 2008. Nickel soared 30%, gold broke through $2,000 an ounce and wheat jumped to a 14-year high, as industrial buyers and traders scrambled to source raw materials hit by supply disruptions caused by the Russian invasion of Ukraine.
Euro zone real government bond yields fell sharply due to surging energy prices, even before talks of a Russian oil ban, raised concerns that global economies are at risk of stagflation, where prices soar even as growth flatlines.
