SYDNEY : Oil prices soared more than 10per cent 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.
Having climbed 21per cent last week, Brent crude was further energised by the risk of a ban of Russian oil by the United States and Europe. And it is not just oil, with commodity prices having their strongest start to any year since 1915, says BofA. Among the many movers last week, nickel rose 19per cent, aluminium 15per cent, zinc 12per cent, and copper 8per cent, while wheat futures surged 60per cent and corn 15per cent.
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