Crude Oil boils higher, stocks and euro fall
Crude Oil boils higher, stocks and euro fall

Crude oil prices rose and stock prices plummeted in frantic trading on Monday, as the threat of a U.S. and European ban on Russian oil, as well as delays in Iran talks, prompted what was shaping up to be a significant stag-flationary shock for global markets. As the Russian-Ukraine crisis showed no signs of abating, the euro continued to fall, reaching parity versus the safe-haven Swiss franc, and commodities of all kinds were on the rise.

Russia has described its assault, which began on February 24, as a "special military operation," and has stated that it has no aspirations to conquer Ukraine. Brent was last quoted USD9.95 higher at USD128.06, after surging 18 percent in early trading, while U.S. crude was up USD8.35 to USD124.03.

S&P 500 stock futures fell 1.3 percent, while Nasdaq futures fell 1.7 percent, as a result of the increase, which will function as a tax on consumers and the possible blow to global economic growth. Ten-year bond yields in the United States have likewise fallen to their lowest level since early January. The EUROSTOXX 50 futures fell 3.0 percent, while the FTSE futures fell 2.7 percent.

The Nikkei 225 index of Japanese stocks fell 3.4 percent to a 15-month low, while MSCI's broadest index of Asia-Pacific equities outside Japan fell 2.4 percent. In a wave of red sweeping Asian markets, Chinese blue chips fell 2.3 percent. Brent crude, which had risen 21 percent in the previous week, was boosted even more by the prospect of a US and European boycott on Russian oil.

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