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Unprecedented sanctions against Russia's bank's over its invasion of Ukraine are taking a toll on its citizens over seas. A number of Russian citizens were currently on a tour brought a scrambling to find cash or crypto transactions to get back. Konstantin Inavnov is a Russian national stuck in Indonesia and this is what his daily life is become post invasion.

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Due to potential fire risks in cars, BMW is recalling 1.03 million vehicles worldwide. Heater for PCV may short-circuit.

Potential fire risk in BMW cars: BMW recalling 1.03 million vehicles worldwide

BMW is recalling over 917,000 older cars and SUVs in the United States, the majority of which are being recalled for the third time, to remedy a fault that can cause engine compartment fires.

Many BMW 3 Series, 5 Series, 1 Series, X5, X3, and Z4 vehicles from the 2006 to 2013 model years are included in the recall.

According to documents released by the US National Highway Traffic Safety Administration on Wednesday, the positive crankcase ventilation valve heater could have an electrical short.

They have the potential to overheat and catch fire.&nbsp;

The automobiles are at risk of catching fire while being driven or shortly after being parked.

Because fires have been rare, BMW claims the vehicles can still be driven.

However, according to business instructions, if a driver smells smoke or sees smoke coming from the engine compartment, they should pull over to a safe spot, turn off the engine, and exit the car.

The German automaker is still working on a solution.

Owners will be notified by letter beginning April 25, according to the statement.

The majority of the vehicles were recalled in 2017 and 2019 due to the same issue.

According to BMW papers, owners who had their vehicles repaired previously would need to have them repaired again.&nbsp;

(With inputs from agencies)

BMW is recalling over 917,000 older cars and SUVs in the United States, the majority of which are being recalled for the third time, to remedy a fault that can cause engine compartment fires.

BMW is recalling over 917,000 older cars and SUVs in the United States, the majority of which are being recalled for the third time, to remedy a fault that can cause engine compartment fires. Many BMW 3 Series, 5 Series, 1 Series, X5, X3, and Z4 vehicles from the 2006 to 2013 model years are included in the recall. According to documents released by the US National Highway Traffic Safety Administration on Wednesday, the positive crankcase ventilation valve heater could have an electrical short. They have the potential to overheat and catch fire. The automobiles are at risk of catching fire while being driven or shortly after being parked. Because fires have been rare, BMW claims the vehicles can still be driven. However, according to business instructions, if a driver smells smoke or sees smoke coming from the engine compartment, they should pull over to a safe spot, turn off the engine, and exit the car. The German automaker is still working on a solution. Owners will be notified by letter beginning April 25, according to the statement. The majority of the vehicles were recalled in 2017 and 2019 due to the same issue. According to BMW papers, owners who had their vehicles repaired previously would need to have them repaired again. (With inputs from agencies)

BMW recalls vehicles for 3rd time due to engine fire risk

Icon of post-soviet era Mcdonald's will temporarily close all 847 of its outlets in Russia including its iconic Pushkin square location. American giant has joined a long list of western firms who have quit Russia putting country in financial isolation.

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US markets closed sharply lower yesterday but today Asian stocks have regained their footing to some extent as investors are still assessing the impact of a worsening conflict in Ukraine and a new US ban on Russian oil.

Asian stocks regain their footing, Indian markets open in green

International rating agency Fitch has downgraded Russia’s sovereign rating, warning a default is "imminent".

It has downgraded Russia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘B’. &nbsp;It means that Russia will soon be unable to pay its debts.

A low rating means the chances of not getting repaid is considered to be high - and so an investor will charge more to lend to that country.

The move comes amid increasing international sanctions against Russia in the wake of the invasion of Ukraine.

"This rating action follows our downgrade... on 2 March, and developments since then have, in our view, further undermined Russia's willingness to service government debt," the agency said.

"The further ratcheting up of sanctions, and proposals that could limit trade in energy, increase the probability of a policy response by Russia that includes at least selective non-payment of its sovereign debt obligations," it added.

On Sunday, Moscow assured investors that it would continue to service its sovereign debt.

However, it warned that international sanctions imposed on its energy industry could limit its ability and willingness to meet its obligations.

Also read |&nbsp;<a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">European Union adds 160 Russian oligarchs, senators to sanctions blacklist</a>

"The actual possibility of making such payments to non-residents will depend on the limiting measures introduced by foreign states in relation to the Russian Federation," the finance ministry said in a statement.

In recent days, rival ratings agencies Moody's Investors Service and S&amp;P Global Ratings have also slashed their assessments of Russian sovereign debt.

Meanwhile, Russia’s ruble has hit a record low of more than 10 per cent since Friday, closing it at 137 against a dollar.

Also read |&nbsp;<a href="https://www.wionews.com/photos/how-ukraines-punisher-drone-is-targeting-russian-supply-lines-460230">How Ukraine's 'Punisher' drone is targeting Russian supply lines</a>

The reason behind this latest fall is reported to be the inability of traders to buy and sell the Russian currency, which has become more limited as fewer banks want to settle transactions against it in the offshore market.

As per a&nbsp;Reuters&nbsp;report,&nbsp;Russian markets are expected to remain closed for trading until at least Wednesday.

(With inputs from agencies)

International rating agency Fitch has downgraded Russia’s sovereign rating, warning a default is "imminent". It has downgraded Russia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘B’.

International rating agency Fitch has downgraded Russia’s sovereign rating, warning a default is "imminent". It has downgraded Russia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘C’ from ‘B’. It means that Russia will soon be unable to pay its debts. A low rating means the chances of not getting repaid is considered to be high - and so an investor will charge more to lend to that country. The move comes amid increasing international sanctions against Russia in the wake of the invasion of Ukraine. "This rating action follows our downgrade... on 2 March, and developments since then have, in our view, further undermined Russia's willingness to service government debt," the agency said. "The further ratcheting up of sanctions, and proposals that could limit trade in energy, increase the probability of a policy response by Russia that includes at least selective non-payment of its sovereign debt obligations," it added. On Sunday, Moscow assured investors that it would continue to service its sovereign debt. However, it warned that international sanctions imposed on its energy industry could limit its ability and willingness to meet its obligations. Also read | European Union adds 160 Russian oligarchs, senators to sanctions blacklist "The actual possibility of making such payments to non-residents will depend on the limiting measures introduced by foreign states in relation to the Russian Federation," the finance ministry said in a statement. In recent days, rival ratings agencies Moody's Investors Service and S&P Global Ratings have also slashed their assessments of Russian sovereign debt. Meanwhile, Russia’s ruble has hit a record low of more than 10 per cent since Friday, closing it at 137 against a dollar. Also read | How Ukraine's 'Punisher' drone is targeting Russian supply lines The reason behind this latest fall is reported to be the inability of traders to buy and sell the Russian currency, which has become more limited as fewer banks want to settle transactions against it in the offshore market. As per a Reuters report, Russian markets are expected to remain closed for trading until at least Wednesday. (With inputs from agencies)

Fitch downgrades Russia’s sovereign rating, says default ‘imminent’

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply.&nbsp;

USA on Wednesday banned import of Russian oil. US President Joe Biden himself made the announcement. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said.

"Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue.

"The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added.

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Brent crude was down $3.56, or 2.8%, to $124.42 a barrel at 1250 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.99, or 3.2%, to $119.71.

Also Read | <a href="https://www.wionews.com/world/european-union-adds-160-russian-oligarchs-senators-to-sanctions-blacklist-460584">European Union adds 160 Russian oligarchs, senators to sanctions blacklist</a>

The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration.

"Theoretically, the U.S. could even offset the outages from Russia with its own production," Carsten Fritsch of Commerzbank wrote in a report.

Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed.

Crude has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008.

Also Read | <a href="https://www.wionews.com/world/ukraine-crisis-china-accuses-nato-of-pushing-russia-to-breaking-point-460521">Ukraine crisis: China accuses NATO of pushing Russia to 'breaking point'</a>

On Wednesday, Russia announced a new ceasefire in Ukraine to let civilians flee besieged cities, after days of mostly failed promises that have left hundreds of thousands of Ukrainians trapped without access to medicine or fresh water.

In addition to the U.S. Russian oil ban, Britain said on Tuesday it would phase Russian imports out and Shell said it would stop buying Russian crude. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers.

One potential source of extra oil supply is Iran, which has been in talks with Western powers for months on resuming its nuclear deal. Iran's chief negotiator in the Vienna talks returned to the Austrian capital on Wednesday.

Amid concern over supply shortages, there are some signs the market is not short of crude yet.

U.S. crude inventories rose by 2.8 million barrels, according to market sources, citing figures from the American Petroleum Institute, an industry group, on Tuesday. Official U.S. inventory figures are due at 1530 GMT.

(With inputs from agencies)

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply.

Oil prices fell to around $125 a barrel on Wednesday as a result of a view taken by some investors that US ban on Russian oil import may not greatly affect supply. USA on Wednesday banned import of Russian oil. US President Joe Biden himself made the announcement. Talk that Ukraine was no longer seeking NATO membership after some news reports this week on the issue also weighed on prices, traders said. "Maybe this is playing its part," said Tamas Varga of oil broker PVM of the Ukraine NATO membership issue. "The realization that the U.S. import ban might not materially make the current supply shock worse than it has been might have also triggered this bout of profit-taking," he added. × Brent crude was down $3.56, or 2.8%, to $124.42 a barrel at 1250 GMT, after earlier rising above $131. U.S. West Texas Intermediate (WTI) fell $3.99, or 3.2%, to $119.71. Also Read | European Union adds 160 Russian oligarchs, senators to sanctions blacklist The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021, about 8% of U.S. liquid fuel imports, according to the Energy Information Administration. "Theoretically, the U.S. could even offset the outages from Russia with its own production," Carsten Fritsch of Commerzbank wrote in a report. Oil also fell as the head of the IEA described the agency's decision last week to release 60 million barrels of oil from strategic reserves as "an initial response" and said that more could be released if needed. Crude has surged since Russia, the world's second-largest crude exporter, launched what it called a "special operation" in Ukraine. Brent hit $139 on Monday, its highest since 2008. Also Read | Ukraine crisis: China accuses NATO of pushing Russia to 'breaking point' On Wednesday, Russia announced a new ceasefire in Ukraine to let civilians flee besieged cities, after days of mostly failed promises that have left hundreds of thousands of Ukrainians trapped without access to medicine or fresh water. In addition to the U.S. Russian oil ban, Britain said on Tuesday it would phase Russian imports out and Shell said it would stop buying Russian crude. JP Morgan estimated around 70% of Russian seaborne oil was struggling to find buyers. One potential source of extra oil supply is Iran, which has been in talks with Western powers for months on resuming its nuclear deal. Iran's chief negotiator in the Vienna talks returned to the Austrian capital on Wednesday. Amid concern over supply shortages, there are some signs the market is not short of crude yet. U.S. crude inventories rose by 2.8 million barrels, according to market sources, citing figures from the American Petroleum Institute, an industry group, on Tuesday. Official U.S. inventory figures are due at 1530 GMT. (With inputs from agencies)

Oil prices ease over speculation US ban on Russia oil won't cause problem

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun.

For the oil companies, three decades of carefully nurturing investments in what was always a difficult political environment is poised to quickly go by the boards. But the high point of Western involvement in Russia passed years ago, pushed along in part by outrage over Moscow’s annexation of Crimea in 2014.

The Russian oil industry, though, is likely to experience a wrenching reworking about how it does business in the coming weeks, months and even years. In the short term, this painful reckoning will come not so much because blue-chip oil companies are leaving but because Russian oil and gas have suddenly become toxic to many buyers.

On Tuesday, President Joe Biden plans to announce a ban on Russian oil imports to the United States, a move aimed at further penalizing Russia. Earlier in the day, Shell, Europe’s largest oil company, said it would stop buying the country’s oil and gas and “withdraw from its involvement in all Russian hydrocarbons.”

Until the invasion, Russian oil was a critical fuel in Europe and other markets, including the United States, where it made up about 7% of imports. Now the Russian crude known as Urals is being sold either at steep discounts to Brent crude, the international bench mark, or not at all. Beyond the United States, other countries are considering whether to impose embargoes on Russian energy imports.

The question that the Russian industry immediately faces is whether to throttle back production. Russia has been producing about 10 per cent&nbsp;of the world’s oil supplies.

“There is no reason to produce more oil if you cannot sell it,” said Tatiana Mitrova, an expert on the Russian industry and a fellow at the Columbia Center on Global Energy Studies.

Russian companies will be shopping for new buyers in Asia and other regions where the outrage over Ukraine is less pronounced. Mitrova said that over time, “there will be a massive orientation of oil and gas flows from European markets, first of all to China.”

Mitrova said Russia would accelerate expansion of existing oil and gas pipelines to China.

In the longer term, though, the future of the Russian industry, which bankrolls a large portion of the government budget, has turned cloudy. China, for instance, is a hard bargainer that pays only a fraction of the price for Russian natural gas that customers in rich European countries like Germany and Italy are now paying.

And the output of the vast West Siberian oil fields and other older operations that have sustained Russia as a world-leading oil producer for decades is in decline.

New fields being developed by Russia around the Arctic are “notable for their harsh operating conditions and higher costs,” according to a recent study by Energy Aspects, a research firm.

In the past, Western companies have taken on difficult projects like offshore drilling and liquefied natural gas, or LNG, development while leaving the more plain-vanilla undertakings to Russian competitors.

Where the capital and know-how for these projects will come from is now open to question. The most high-profile of these developments, Vostok, which would sprawl across a vast northern region, “could be disrupted as U.S. and EU sanctions place growing pressure” on the Russian industry, the report said.

On March 2, Trafigura, a Singapore-based trading company that is financing part of Vostok, which is led by Rosneft, the state-controlled oil company, said it was “reviewing the options” regarding its 10%, 1.5 billion-euro shareholding in Vostok Oil, a vehicle for some of these developments.

Vostok, a North Sea-size group of projects, may be Russia’s hope for the coming years, but Mitrova and other specialists say the Russian industry could probably keep plugging along for some time even after the large companies have sold or otherwise disposed of their investments.

Of course, when the hundreds of Western technical experts and managers based in Russia leave, they will be missed, and the Russian industry could develop headaches trying to find high-tech spare parts and software updates.

Still, ventures involving Western companies account for only about 15% of Russian oil production, Mitrova figures. Russia has a large oil and gas industry with trained personnel who can operate most facilities, analysts say.

“It is very easy to find Russian technical people to work on these projects,” said Serkan Sahin, an analyst who follows Russian oil at Energy Aspects.

Well before the invasion of Ukraine, Western companies had largely stopped seeing Russia as a crucial part of their future.

In 2018, Exxon Mobil was forced to pull out of its most promising Russia venture, drilling in the Arctic, because of sanctions imposed after Russia annexed Crimea. Exxon announced last week that it would wind down its involvement in a quarter-century-old oil and gas project on Sakhalin Island in the Russian Far East. Shell is also on Sakhalin, where it is a minority shareholder in a liquefied natural gas venture, and it, too, said it would exit the investment.

BP has also been slowly exiting Russia. In 2013, it gave up on a joint venture called TNK-BP, which it had formed with a group of oligarchs 10 years earlier, selling it to Rosneft for $12.5 billion in cash and a nearly 20% stake that it was required to take in the state-controlled company.

The Rosneft holding was, until recently, too valuable to walk away from (BP pegged it at $14 billion at the end of 2021) but also increasingly uncomfortable for a Western giant steering away from oil, and its investors.

“I think it was an easy decision to make,” said Oswald Clint, an analyst at Bernstein, a research firm.

The glaring exception is TotalEnergies, the French company, which continued to invest in giant liquefied natural gas projects in the Russian Arctic after the Crimea sanctions were imposed.

TotalEnergies also owns nearly one-fifth of Novatek, a Russian natural gas producer that is the main owner of the Arctic installations. TotalEnergies said recently that it would not invest in new projects in Russia, but it seems to be digging in on the LNG ventures — one of which is not expected to start producing until 2023.

There is of course the question of whether the oil companies will really leave. They have not sold anything yet, and if Vladimir Putin, the Russian president, decided to stop the war and was rehabilitated, they might be persuaded to change their minds.

On the other hand, there is little reason to think that they would make announcements involving billions of dollars of investments without carefully considering the consequences. Putin and his associates follow the oil industry closely and are unlikely to look kindly on companies and executives that abandoned him at one of his most difficult moments.

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun.

A week after a chorus of Western executives from Exxon Mobil, BP, Shell and other companies denounced Moscow’s violent onslaught in Ukraine and pledged to pull their companies out of Russian ventures, it appears the turbulence for Russia’s energy industry has only begun. For the oil companies, three decades of carefully nurturing investments in what was always a difficult political environment is poised to quickly go by the boards. But the high point of Western involvement in Russia passed years ago, pushed along in part by outrage over Moscow’s annexation of Crimea in 2014. The Russian oil industry, though, is likely to experience a wrenching reworking about how it does business in the coming weeks, months and even years. In the short term, this painful reckoning will come not so much because blue-chip oil companies are leaving but because Russian oil and gas have suddenly become toxic to many buyers. On Tuesday, President Joe Biden plans to announce a ban on Russian oil imports to the United States, a move aimed at further penalizing Russia. Earlier in the day, Shell, Europe’s largest oil company, said it would stop buying the country’s oil and gas and “withdraw from its involvement in all Russian hydrocarbons.” Until the invasion, Russian oil was a critical fuel in Europe and other markets, including the United States, where it made up about 7% of imports. Now the Russian crude known as Urals is being sold either at steep discounts to Brent crude, the international bench mark, or not at all. Beyond the United States, other countries are considering whether to impose embargoes on Russian energy imports. The question that the Russian industry immediately faces is whether to throttle back production. Russia has been producing about 10 per cent of the world’s oil supplies. “There is no reason to produce more oil if you cannot sell it,” said Tatiana Mitrova, an expert on the Russian industry and a fellow at the Columbia Center on Global Energy Studies. Russian companies will be shopping for new buyers in Asia and other regions where the outrage over Ukraine is less pronounced. Mitrova said that over time, “there will be a massive orientation of oil and gas flows from European markets, first of all to China.” Mitrova said Russia would accelerate expansion of existing oil and gas pipelines to China. In the longer term, though, the future of the Russian industry, which bankrolls a large portion of the government budget, has turned cloudy. China, for instance, is a hard bargainer that pays only a fraction of the price for Russian natural gas that customers in rich European countries like Germany and Italy are now paying. And the output of the vast West Siberian oil fields and other older operations that have sustained Russia as a world-leading oil producer for decades is in decline. New fields being developed by Russia around the Arctic are “notable for their harsh operating conditions and higher costs,” according to a recent study by Energy Aspects, a research firm. In the past, Western companies have taken on difficult projects like offshore drilling and liquefied natural gas, or LNG, development while leaving the more plain-vanilla undertakings to Russian competitors. Where the capital and know-how for these projects will come from is now open to question. The most high-profile of these developments, Vostok, which would sprawl across a vast northern region, “could be disrupted as U.S. and EU sanctions place growing pressure” on the Russian industry, the report said. On March 2, Trafigura, a Singapore-based trading company that is financing part of Vostok, which is led by Rosneft, the state-controlled oil company, said it was “reviewing the options” regarding its 10%, 1.5 billion-euro shareholding in Vostok Oil, a vehicle for some of these developments. Vostok, a North Sea-size group of projects, may be Russia’s hope for the coming years, but Mitrova and other specialists say the Russian industry could probably keep plugging along for some time even after the large companies have sold or otherwise disposed of their investments. Of course, when the hundreds of Western technical experts and managers based in Russia leave, they will be missed, and the Russian industry could develop headaches trying to find high-tech spare parts and software updates. Still, ventures involving Western companies account for only about 15% of Russian oil production, Mitrova figures. Russia has a large oil and gas industry with trained personnel who can operate most facilities, analysts say. “It is very easy to find Russian technical people to work on these projects,” said Serkan Sahin, an analyst who follows Russian oil at Energy Aspects. Well before the invasion of Ukraine, Western companies had largely stopped seeing Russia as a crucial part of their future. In 2018, Exxon Mobil was forced to pull out of its most promising Russia venture, drilling in the Arctic, because of sanctions imposed after Russia annexed Crimea. Exxon announced last week that it would wind down its involvement in a quarter-century-old oil and gas project on Sakhalin Island in the Russian Far East. Shell is also on Sakhalin, where it is a minority shareholder in a liquefied natural gas venture, and it, too, said it would exit the investment. BP has also been slowly exiting Russia. In 2013, it gave up on a joint venture called TNK-BP, which it had formed with a group of oligarchs 10 years earlier, selling it to Rosneft for $12.5 billion in cash and a nearly 20% stake that it was required to take in the state-controlled company. The Rosneft holding was, until recently, too valuable to walk away from (BP pegged it at $14 billion at the end of 2021) but also increasingly uncomfortable for a Western giant steering away from oil, and its investors. “I think it was an easy decision to make,” said Oswald Clint, an analyst at Bernstein, a research firm. The glaring exception is TotalEnergies, the French company, which continued to invest in giant liquefied natural gas projects in the Russian Arctic after the Crimea sanctions were imposed. TotalEnergies also owns nearly one-fifth of Novatek, a Russian natural gas producer that is the main owner of the Arctic installations. TotalEnergies said recently that it would not invest in new projects in Russia, but it seems to be digging in on the LNG ventures — one of which is not expected to start producing until 2023. There is of course the question of whether the oil companies will really leave. They have not sold anything yet, and if Vladimir Putin, the Russian president, decided to stop the war and was rehabilitated, they might be persuaded to change their minds. On the other hand, there is little reason to think that they would make announcements involving billions of dollars of investments without carefully considering the consequences. Putin and his associates follow the oil industry closely and are unlikely to look kindly on companies and executives that abandoned him at one of his most difficult moments.

Future turns dark for Russia’s oil industry

Japan has recorded its largest current account deficit since the start of 2014. This has happened in January as a jump in oil import costs offset gains in investment incomes with continuing uncertainty due to the Ukraine crisis.

Oil import costs widen Japan's deficit

US President Joe Biden is expected to sign a long-awaited executive order this week which will direct the justice department, treasury and other agencies in the US to study the legal and economic ramifications of creating a central bank digital currency.

US President Joe Biden to order digital currency study to know legal & economic ramifications

Crude oil prices rose up sharply amid concerns of a supply crunch even after countries agreed to release oil from reserves around the world. Now, OPEC meets US Shale executives.

OPEC meets US Shale executives as oil prices skyrocket

New safety challenges for the regulator as the United States looks set to have flying taxis. US agency will now review FAA efforts.

Flying taxi rules: US agency will review FAA efforts

Russia is mulling imposing a ban on oil imports from Russia. This comes at a time when Russia is the world's top producer of natural gas right now and Europe's energy needs are fulfilled by Russia.

US mulls Russian oil import ban amid the ongoing Russian invasion of Ukraine

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4.

In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.21 to $120.89 per barrel, while the global benchmark surpassed $130.

According to Bloomberg, the all-time high for oil prices was $147.50 in July 2008.

According to AAA, the price of regular gas increased by over 41 cents during the first full week of Russia's invasion of Ukraine.

According to GasBuddy, California has the most expensive gasoline in the US, with drivers spending an average of $5.32 a gallon.

The cheapest gas is found in Oklahoma, where it costs roughly $3.64.&nbsp;

According to Bloomberg, the all-time high for gas prices in the United States was $4.10 in July 2008.As of early Monday, the average gas price was 4 cents away from reaching that record, prompting an exclamatory tweet from De Haan.&nbsp;

According to Yardeni Research, the average American household spent $3,100 on petrol in 2021.

However, according to a survey by an investment research firm, the recent increase in petrol prices might cost Americans up to $2,000 more this year.&nbsp;

(With inputs from agencies)

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4. In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.

For the first time since 2008, the average cost of a gallon of normal gasoline has reached $4. In electronic trading on the New York Mercantile Exchange, U.S. crude rose $5.21 to $120.89 per barrel, while the global benchmark surpassed $130. According to Bloomberg, the all-time high for oil prices was $147.50 in July 2008. According to AAA, the price of regular gas increased by over 41 cents during the first full week of Russia's invasion of Ukraine. According to GasBuddy, California has the most expensive gasoline in the US, with drivers spending an average of $5.32 a gallon. The cheapest gas is found in Oklahoma, where it costs roughly $3.64. According to Bloomberg, the all-time high for gas prices in the United States was $4.10 in July 2008.As of early Monday, the average gas price was 4 cents away from reaching that record, prompting an exclamatory tweet from De Haan. According to Yardeni Research, the average American household spent $3,100 on petrol in 2021. However, according to a survey by an investment research firm, the recent increase in petrol prices might cost Americans up to $2,000 more this year. (With inputs from agencies)

For the first time since 2008, gas prices in US surpassed $4 per gallon

As the world pushed for new economic sanctions against Russia and President Putin amid the ongoing Russian invasion of Ukraine, Russia's economy faces hardships. Russia scrambles to deal with sanctions.

Russia scrambles to deal with sanctions as Rouble hits record low

Crude oil prices rose up sharply amid concerns of a supply crunch even after countries agreed to release oil from reserves around the world. Oil prices surged to highest since 2008

US crude briefly tops $130 per barrel as oil prices surge to highest since 2008

Amid the ongoing tensions over Russia and Ukraine crisis, major markets in Asia opened up to losses. Surge in crude oil prices has also put Asian stocks under renewed pressure.

Asian stocks tumble in morning trade as the risk of stagflationary shock for world markets continue

Amid the ongoing Russian invasion of Ukraine, many global businesses and agencies are quitting the Russian market. However, Chinese firms are staying put in Russia.

Chinese firms staying put in Russia despite exodus from western companies

Amid the ongoing Russian invasion of Ukraine, many global businesses and agencies are quitting the Russian market. KPMG and PWC became the latest addition to this wave.

KPMG, PWC to exit Russia amid the ongoing Russian invasion of Ukraine

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears. 
 
Brent crude futures rose $8.46, or 7.2%, to $126.57 a barrel by 0128 GMT, while U.S. West Texas Intermediate (WTI) crude rose $7.65, or 6.6%, to $123.33. 
 
In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50. 
 
Monday`s intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27. 
 
The United States and European allies are exploring banning imports of Russian oil, Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. 
 
"A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand," CMC Markets analysts said. 
 
"Prices are likely to rise in the short term, with a move toward $150 a barrel not out of the question." 
 
"Such a move will put further pressure on global economies, pushing inflation higher, leaving central banks debating how quickly rate hikes should be implemented." 
 
Global oil prices have spiked 65% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, world`s No. 2 economy, is already targeting a slower growth of 5.5% this year. 
 
Fuel prices have surpassed 2008 records with U.S. gasoline hitting $3.890 per gallon and heating oil futures at $4.2373 per gallon. 
 
Analysts at Bank of America said if most of Russia`s oil exports are cut off, there could be a 5 million barrel or larger shortfall, and that means oil prices could double from $100 to $200 a barrel, while JP Morgan analysts said this week oil could soar to $185 per barrel this year. 
 
Russia is the world`s top exporter of crude and oil products combined, with exports at around 7 million bpd, or 7% of global supply. Some volumes of Kazakhstan`s oil exports from Russian ports have also faced complications. 
 
Despite the oil price surge, U.S. energy firms cut the number of operating oil rigs last week, underscoring supply concerns. In Libya, the closure of the El Feel and Sharara oilfields resulted in the loss of 330,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Sunday, more than 25% of its output in 2021. 
 
IRAN 
 
Talks to revive Iran`s 2015 nuclear deal with world powers were mired in uncertainty on Sunday following Russia`s demands for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources. 
 
In response to Russia`s demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions imposed on Russia over its Ukraine invasion have nothing to do with a potential nuclear deal with Iran. 
 
"Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects, a think tank. 
 
Eurasia Group said fresh Russian demands could disrupt nuclear talks although it still kept the odds of a deal at 70%. 
 
"Russia may intend to use Iran as a route to bypass Western sanctions. A written guarantee allowing Russia to do so is probably well beyond the realm of what Washington can offer in the midst of a full-scale war in Ukraine," said Eurasia`s Henry Rome. 
 
Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said. 
 
Separately, U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies.

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Oil prices soared more than 6%, touching their highest since 2008 on Monday after the United States and European allies mull a Russian oil import ban while delays in the potential return of Iranian crude to global markets fuelled tight supply fears. Brent crude futures rose $8.46, or 7.2%, to $126.57 a barrel by 0128 GMT, while U.S. West Texas Intermediate (WTI) crude rose $7.65, or 6.6%, to $123.33. In the first few minutes of trade on Monday, both benchmarks spiked more than $10 a barrel to their highest since July 2008 with Brent at $139.13 and WTI at $130.50. Monday`s intraday highs are near record levels seen for both contracts in July 2008 when Brent hit $147.50 a barrel and WTI touched $147.27. The United States and European allies are exploring banning imports of Russian oil, Blinken said on Sunday, and the White House coordinated with key Congressional committees moving forward with their own ban. "A boycott would put enormous pressure on oil and gas supply that has already felt the impact of increasing demand," CMC Markets analysts said. "Prices are likely to rise in the short term, with a move toward $150 a barrel not out of the question." "Such a move will put further pressure on global economies, pushing inflation higher, leaving central banks debating how quickly rate hikes should be implemented." Global oil prices have spiked 65% since the start of 2022, along with other commodities, raising concerns about world economic growth and stagflation. China, world`s No. 2 economy, is already targeting a slower growth of 5.5% this year. Fuel prices have surpassed 2008 records with U.S. gasoline hitting $3.890 per gallon and heating oil futures at $4.2373 per gallon. Analysts at Bank of America said if most of Russia`s oil exports are cut off, there could be a 5 million barrel or larger shortfall, and that means oil prices could double from $100 to $200 a barrel, while JP Morgan analysts said this week oil could soar to $185 per barrel this year. Russia is the world`s top exporter of crude and oil products combined, with exports at around 7 million bpd, or 7% of global supply. Some volumes of Kazakhstan`s oil exports from Russian ports have also faced complications. Despite the oil price surge, U.S. energy firms cut the number of operating oil rigs last week, underscoring supply concerns. In Libya, the closure of the El Feel and Sharara oilfields resulted in the loss of 330,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Sunday, more than 25% of its output in 2021. IRAN Talks to revive Iran`s 2015 nuclear deal with world powers were mired in uncertainty on Sunday following Russia`s demands for a U.S. guarantee that the sanctions it faces over the Ukraine conflict will not hurt its trade with Tehran. China has also raised new demands, according to sources. In response to Russia`s demands, U.S. Secretary of State Antony Blinken said on Sunday that the sanctions imposed on Russia over its Ukraine invasion have nothing to do with a potential nuclear deal with Iran. "Iran was the only real bearish factor hanging over the market but if now the Iranian deal gets delayed, we could get to tank bottoms a lot quicker especially if Russian barrels remain off the market for long," said Amrita Sen, co-founder of Energy Aspects, a think tank. Eurasia Group said fresh Russian demands could disrupt nuclear talks although it still kept the odds of a deal at 70%. "Russia may intend to use Iran as a route to bypass Western sanctions. A written guarantee allowing Russia to do so is probably well beyond the realm of what Washington can offer in the midst of a full-scale war in Ukraine," said Eurasia`s Henry Rome. Iran will take several months to restore oil flows even if it reaches a nuclear deal, analysts said. Separately, U.S. and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela but made scant progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said, as Washington seeks to separate Russia from one of its key allies.

Oil spikes to 2008 highs as U.S., Europe mull Russian oil import ban, Iran delay

Microsoft&nbsp;Corp unveiled its&nbsp;fourth&nbsp;data&nbsp;centre in&nbsp;India&nbsp;on Monday, betting on rising digital consumption in one of its fastest-growing markets.

Microsoft&nbsp;India&nbsp;head Anant Maheshwari said the company was making long-term investments in the country, although he declined to confirm reports by local media of a $2 billion price tag for the latest centre.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/in-a-relief-for-indian-students-in-sumy-russia-announces-ceasefire-for-humanitarian-purposes-459790">In a relief for Indian students in Sumy, Russia announces ceasefire for humanitarian purposes</a>

"A public cloud&nbsp;data&nbsp;center&nbsp;is not a one time investment, it is a continuous investment that we have," Maheshwari told Reuters. "In the last two years, we doubled the capacity in the existing three&nbsp;data&nbsp;centers."

The overall&nbsp;Indian public cloud services market is expected to reach $10.8 billion by 2025, according to research firm IDC.

India's government has been nudging foreign tech companies to store more of their&nbsp;data&nbsp;locally, a move seen as New Delhi's attempt to gain stricter oversight of Big Tech firms.

Maheshwari said&nbsp;Microsoft&nbsp;was continuing to grow its workforce in&nbsp;India&nbsp;from 18,000 currently "both through the pandemic and going forward."

"We already serve more than 340,000 companies in the country," Maheshwari said.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/uttar-pradesh-assembly-elections-voting-underway-in-54-seats-across-9-districts-459730">Uttar Pradesh Assembly elections: Voting underway in 54 seats across 9 districts</a>

The new&nbsp;data&nbsp;centre is located in&nbsp;India's southern state of Telangana.

The company's business model, which relies on partners building additional services on top of its cloud platform, Azure, generated business worth about $10 billion in the last five years, Maheshwari said.

Competitors are joining the race in&nbsp;India. Key rival Amazon announced in late 2020 it would spend $2.8 billion to build its second&nbsp;data&nbsp;centre in the country, while Adani Group last year announced plans to build six&nbsp;data&nbsp;centre parks across the country.

Microsoft Corp unveiled its fourth data centre in India on Monday, betting on rising digital consumption in one of its fastest-growing markets. Microsoft India head Anant Maheshwari said the company was making long-term investments in the country, although he declined to confirm reports by local media of a $2 billion price tag for the latest centre.

Microsoft Corp unveiled its fourth data centre in India on Monday, betting on rising digital consumption in one of its fastest-growing markets. Microsoft India head Anant Maheshwari said the company was making long-term investments in the country, although he declined to confirm reports by local media of a $2 billion price tag for the latest centre. Also read | In a relief for Indian students in Sumy, Russia announces ceasefire for humanitarian purposes "A public cloud data center is not a one time investment, it is a continuous investment that we have," Maheshwari told Reuters. "In the last two years, we doubled the capacity in the existing three data centers." The overall Indian public cloud services market is expected to reach $10.8 billion by 2025, according to research firm IDC. India's government has been nudging foreign tech companies to store more of their data locally, a move seen as New Delhi's attempt to gain stricter oversight of Big Tech firms. Maheshwari said Microsoft was continuing to grow its workforce in India from 18,000 currently "both through the pandemic and going forward." "We already serve more than 340,000 companies in the country," Maheshwari said. Also read | Uttar Pradesh Assembly elections: Voting underway in 54 seats across 9 districts The new data centre is located in India's southern state of Telangana. The company's business model, which relies on partners building additional services on top of its cloud platform, Azure, generated business worth about $10 billion in the last five years, Maheshwari said. Competitors are joining the race in India. Key rival Amazon announced in late 2020 it would spend $2.8 billion to build its second data centre in the country, while Adani Group last year announced plans to build six data centre parks across the country.

Microsoft unveils fourth data centre in India

&nbsp;The&nbsp;prices&nbsp;of&nbsp;red&nbsp;chilli&nbsp;peppers are surging as output in&nbsp;top&nbsp;exporter&nbsp;India&nbsp;is set to drop by a fifth from a year ago, hit by an invasive pest attack and&nbsp;damage&nbsp;from unseasonal rain in key southern producing states.

Lower production has boosted&nbsp;prices&nbsp;by 80% in four months to a record high and&nbsp;prices&nbsp;are likely to stay high through the year, forcing overseas buyers to shell out more at a time when the&nbsp;prices&nbsp;of fuel and other food ingredients are also soaring.

"The pest attack was widespread," said D. Kanungo, a trader from the biggest producing state of Andhra Pradesh. "In many areas, it forced farmers to uproot plants during the flowering stage."

Also read |&nbsp;<a href="https://www.wionews.com/india-news/in-a-relief-for-indian-students-in-sumy-russia-announces-ceasefire-for-humanitarian-purposes-459790">In a relief for Indian students in Sumy, Russia announces ceasefire for humanitarian purposes</a>

As a result, farmers fear an output drop of at least 20%, he added.

India, the world's biggest&nbsp;exporter&nbsp;of&nbsp;red&nbsp;chillis, shipped out 578,800 tonnes in 2021, up nearly 8% from a year ago.

Bangladesh, China, Indonesia, Malaysia, Nepal, Sri Lanka, Thailand and the United States accounted for the bulk of its exports of $1.3 billion in 2021.

Chilli&nbsp;plants were badly hit by thrips and the infestation spread despite heavy use of pesticide, said Mahankal Rao, a 46-year-old farmer, who planted the&nbsp;crop&nbsp;on his two-acre farm at Guntur in Andhra Pradesh.

"For me, yields were lower, despite heavy use of pesticides, but some farmers gave up and didn't use pesticides," said Rao, who has been planting&nbsp;chillies for nearly three decades.

The invasive pest species Thrips parvispinus must be tackled quickly but many farmers abandoned affected fields, allowing it to spread, said a senior agronomist at the&nbsp;Indian Council of Agricultural Research.

Farmers have now been reporting lower yields as the pest caused large-scale shedding of flowers, malformation of fruit and fruit drops, he said.

Also read |<a href="https://www.wionews.com/india-news/mukul-arya-indias-envoy-to-palestine-found-dead-at-office-459762">&nbsp;Mukul Arya, India's envoy to Palestine, found dead at office</a>

SPIRALING&nbsp;PRICES

Farmers have completed harvesting but are going slow on releasing the&nbsp;crop&nbsp;into the market, said Alepata Srinivas Rao, a trader based in Guntur.

"Farmers know supplies are limited and they are anticipating further price rises, so they are delaying sales," Rao said.

Wholesale&nbsp;prices&nbsp;in&nbsp;India's biggest spot market of Guntur have risen to 18,000 rupees ($234) per 100 kg from about 10,000 rupees in November.

Indian spices companies worried about supplies have been making aggressive purchases in the past few months, which also aided&nbsp;prices, said A.P.J. Arun, an&nbsp;exporter&nbsp;in Guntur.

Also read |<a href="https://www.wionews.com/business-economy/indian-shares-plummet-over-2-as-oil-prices-soar-on-ukraine-crisis-459741">&nbsp;Indian shares plummet over 2% as oil prices soar on Ukraine crisis</a>

But export demand will determine the price trend in coming months, said Arun, adding, "We need to see how buyers react to higher&nbsp;prices."

Though&nbsp;prices&nbsp;are high, overseas buyers cannot replace&nbsp;Indian&nbsp;chillis with those from any other origin, said trader Kanungo.

"No one has a massive surplus to replace&nbsp;Indian supplies," he said. "And for buyers, taste is also important. Other origins don't offer the same flavour."

Chilli&nbsp;production in Pakistan, another&nbsp;exporter, has also fallen because of erratic weather, traders said.

The prices of red chilli peppers are surging as output in top exporter India is set to drop by a fifth from a year ago, hit by an invasive pest attack and damage from unseasonal rain in key southern producing states.

The prices of red chilli peppers are surging as output in top exporter India is set to drop by a fifth from a year ago, hit by an invasive pest attack and damage from unseasonal rain in key southern producing states. Lower production has boosted prices by 80% in four months to a record high and prices are likely to stay high through the year, forcing overseas buyers to shell out more at a time when the prices of fuel and other food ingredients are also soaring. "The pest attack was widespread," said D. Kanungo, a trader from the biggest producing state of Andhra Pradesh. "In many areas, it forced farmers to uproot plants during the flowering stage." Also read | In a relief for Indian students in Sumy, Russia announces ceasefire for humanitarian purposes As a result, farmers fear an output drop of at least 20%, he added. India, the world's biggest exporter of red chillis, shipped out 578,800 tonnes in 2021, up nearly 8% from a year ago. Bangladesh, China, Indonesia, Malaysia, Nepal, Sri Lanka, Thailand and the United States accounted for the bulk of its exports of $1.3 billion in 2021. Chilli plants were badly hit by thrips and the infestation spread despite heavy use of pesticide, said Mahankal Rao, a 46-year-old farmer, who planted the crop on his two-acre farm at Guntur in Andhra Pradesh. "For me, yields were lower, despite heavy use of pesticides, but some farmers gave up and didn't use pesticides," said Rao, who has been planting chillies for nearly three decades. The invasive pest species Thrips parvispinus must be tackled quickly but many farmers abandoned affected fields, allowing it to spread, said a senior agronomist at the Indian Council of Agricultural Research. Farmers have now been reporting lower yields as the pest caused large-scale shedding of flowers, malformation of fruit and fruit drops, he said. Also read | Mukul Arya, India's envoy to Palestine, found dead at office SPIRALING PRICES Farmers have completed harvesting but are going slow on releasing the crop into the market, said Alepata Srinivas Rao, a trader based in Guntur. "Farmers know supplies are limited and they are anticipating further price rises, so they are delaying sales," Rao said. Wholesale prices in India's biggest spot market of Guntur have risen to 18,000 rupees ($234) per 100 kg from about 10,000 rupees in November. Indian spices companies worried about supplies have been making aggressive purchases in the past few months, which also aided prices, said A.P.J. Arun, an exporter in Guntur. Also read | Indian shares plummet over 2% as oil prices soar on Ukraine crisis But export demand will determine the price trend in coming months, said Arun, adding, "We need to see how buyers react to higher prices." Though prices are high, overseas buyers cannot replace Indian chillis with those from any other origin, said trader Kanungo. "No one has a massive surplus to replace Indian supplies," he said. "And for buyers, taste is also important. Other origins don't offer the same flavour." Chilli production in Pakistan, another exporter, has also fallen because of erratic weather, traders said.

Red chilli pepper prices surge on crop damage in top exporter India

The Pakistan Stock Exchange (PSX) took a hammering on Monday and the benchmark KSE-100 index dived nearly 1,500 points in intra-day trading at one point as the rising oil prices amid geopolitical tensions shattered investor confidence, Geo News reported. 
 
The KSE-100, a benchmark for market performance, underwent selling pressure from the word go, falling below the 44,000-point mark during intra-day with volumes remaining on the lower side.

Also read |<a href="https://www.wionews.com/south-asia/ally-of-pakistan-govt-accuses-imran-khan-of-targeting-certain-media-groups-459609">&nbsp;</a><a href="https://www.wionews.com/world/us-allies-plan-ways-to-help-establish-support-a-ukrainian-government-in-exile-459791">US, allies plan ways to help establish, support a Ukrainian government-in-exile</a> 
 
Market talk suggested that the uncertainty in international markets is the prime reason behind investors` dump-and-run approach at the PSX. 
 
BMA Capital Executive Director Saad Hashemy said that the market was primarily down because of rising oil prices in the international market.

Also read |<a href="https://www.wionews.com/south-asia/ally-of-pakistan-govt-accuses-imran-khan-of-targeting-certain-media-groups-459609">&nbsp;Ally of Pakistan govt accuses Imran Khan of targeting certain media groups</a> 
 
"The oil was last trading at $115 per barrel on Friday; however, the prices surged by $15 on Monday morning which impacted the financial markets worldwide," he said. 
 
Oil prices soared more than 9 per cent, touching their highest since 2008, as the US and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Meanwhile, gold prices scaled the $2,000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high.

Watch |&nbsp;Asian stocks tumble in morning trade as the risk of stagflationary shock for world markets continue

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/asian-stocks-tumble-in-morning-trade-as-the-risk-of-stagflationary-shock-for-world-markets-continue-459754/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

&nbsp;

The Pakistan Stock Exchange (PSX) took a hammering on Monday and the benchmark KSE-100 index dived nearly 1,500 points in intra-day trading at one point as the rising oil prices amid geopolitical tensions shattered investor confidence, Geo News reported.

The Pakistan Stock Exchange (PSX) took a hammering on Monday and the benchmark KSE-100 index dived nearly 1,500 points in intra-day trading at one point as the rising oil prices amid geopolitical tensions shattered investor confidence, Geo News reported. The KSE-100, a benchmark for market performance, underwent selling pressure from the word go, falling below the 44,000-point mark during intra-day with volumes remaining on the lower side. Also read | US, allies plan ways to help establish, support a Ukrainian government-in-exile Market talk suggested that the uncertainty in international markets is the prime reason behind investors` dump-and-run approach at the PSX. BMA Capital Executive Director Saad Hashemy said that the market was primarily down because of rising oil prices in the international market. Also read | Ally of Pakistan govt accuses Imran Khan of targeting certain media groups "The oil was last trading at $115 per barrel on Friday; however, the prices surged by $15 on Monday morning which impacted the financial markets worldwide," he said. Oil prices soared more than 9 per cent, touching their highest since 2008, as the US and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears. Meanwhile, gold prices scaled the $2,000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high. Watch | Asian stocks tumble in morning trade as the risk of stagflationary shock for world markets continue

Pakistan stock market takes a hammering

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban.

The blue-chip NSE Nifty 50 index was down 2.39% at 15,857 by 0349 GMT and the S&amp;P BSE Sensex dropped 2.52% to 52,963.78. Both the indexes extended losses to a fourth straight session. Last week, they also posted their fourth consecutive weekly loss.

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Oil prices surged on Monday after the United States and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude to global markets sped up supply fears.

Also read |<a href="https://www.wionews.com/india-news/russia-ukraine-conflict-indian-pm-narendra-modi-to-speak-with-ukrainian-president-zelenskyy-459732">&nbsp;Russia-Ukraine conflict: Indian PM Narendra Modi to speak with Ukrainian President Zelenskyy</a>

India is the world's third-largest importer of crude oil, and rising prices push up the country's trade and current account deficit while also hurting the rupee and fuelling imported inflation.

Watch |&nbsp;Russia enlists help of Syrian fighters in Ukraine

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russia-enlists-help-of-syrian-fighters-in-ukraine-459772/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The Nifty's bank index, financial services index, private sector bank index, auto index and IT index were among the top losers, dropping between 2% and 4%.

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban.

Indian shares tumbled over 2% on Monday, with investors dumping risky assets as oil prices soared after the United States and European allies were said to be mulling a Russian oil import ban. The blue-chip NSE Nifty 50 index was down 2.39% at 15,857 by 0349 GMT and the S&P BSE Sensex dropped 2.52% to 52,963.78. Both the indexes extended losses to a fourth straight session. Last week, they also posted their fourth consecutive weekly loss. Also read | Boris Johnson: 6 steps the West must take to help Ukraine right now Oil prices surged on Monday after the United States and European allies explored a Russian oil import ban, while delays in the potential return of Iranian crude to global markets sped up supply fears. Also read | Russia-Ukraine conflict: Indian PM Narendra Modi to speak with Ukrainian President Zelenskyy India is the world's third-largest importer of crude oil, and rising prices push up the country's trade and current account deficit while also hurting the rupee and fuelling imported inflation. Watch | Russia enlists help of Syrian fighters in Ukraine The Nifty's bank index, financial services index, private sector bank index, auto index and IT index were among the top losers, dropping between 2% and 4%.

Indian shares plummet over 2% as oil prices soar on Ukraine crisis

Amid the ongoing trade restrictions in Russia due to the invasion of Ukraine, Nike, Ikea has decided to close its stores in Russia.

Russia trade restrictions: Nike, Ikea close stores in Russia

Japan's jobless rate rises to 2.8%. The ongoing Russian invasion of Ukraine has also overshadowed the recovery outlook of the economy.

Japan's jobless rate rises: Ukraine crisis overshadow recovery outlook