Oil surges 10% in Asia, euro on the ropes – Reuters
- Date: 07-Mar-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Gulf
Oil surges 10% in Asia, euro on the ropes – Reuters
SYDNEY, March 7 (Reuters) - Oil prices soared more than 10% in hectic trading on Monday as the risk of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets.
The euro extended its slide and commodities of all stripes were on the rise as the Russian-Ukraine conflict showed no sign of cooling. Russia calls the campaign it launched on Feb. 24 a "special military operation", saying it has no plans to occupy Ukraine.
Brent was quoted $12.73 higher at $130.84, while U.S. crude rose $9.92 to $125.60.
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