Topline
Global stock markets continued to be roiled by the deepening conflict in Ukraine while global crude oil prices briefly hit a 14-year high after Washington indicated that a ban on Russian oil imports may be on the table.
Global stocks continue to be hit hard as oil prices surge.
Key Facts
Brent crude oil futures rose to $139 a barrel in early trade—the highest since August 2008—before settling at around $129 per barrel—8.52% up from Friday.
WTI Futures, the U.S. oil benchmark is up more than 9% at around $125 per barrel after briefly rising to a 14-year high of $130.50 late on Sunday evening.
Hong Kong’s Hang Seng Index dropped as much as 5% in the morning and remained on track to end the day nearly 3.4% down, its worst single drop in several months.
Tokyo’s Nikkei 225 was down nearly 3% an hour before local markets closed time while China’s Shanghai Composite slumped more than 2%.
U.S. markets are also bracing for losses on Monday as futures for the S&P 500, Dow and Nasdaq were down 1.14%, 0.86% and 1.65%, respectively, at 2.30 am E.T.
What To Watch For
On Sunday night, Speaker Nancy Pelosi (D-Calif.) said that the House of Representatives is examining additional legislation that would “further isolate Russia from the global economy,” in response to its invasion of Ukraine. In a letter sent to Democratic lawmakers, Pelosi said the legislation under consideration would repeal normal trade relations with Russia and Belarus and may also include the step of banning import of its oil and energy products into the U.S. The legislation may also allow the Biden administration to raise tariffs on other Russian imports.
Source: https://www.forbes.com/sites/siladityaray/2022/03/07/global-stocks-slump-oil-prices-touch-14-year-high-as-russia-intensifies-attack-on-ukraine/