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Under war cloud, soaring commodity prices batter global stock markets

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CALIFORNIA, USA - MARCH 5: People gather for a rally in Los Angeles, United States to protest against Russia's attacks on Ukraine, on March 5, 2022. ( Katie McTiernan - Anadolu Agency )
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Mar 08, 2022 - 09:34 AM

ISTANBUL (AA) – As Russia’s war on Ukraine rages on, commodity prices around the world have surged to record levels, fueling a downward spiral in global stock markets.

Asian, European and US stock markets closed Monday in red amid spikes in the prices of oil and natural gas.

Having jumped to over $130 per barrel on Monday, Brent oil is currently at around $128, while the price of natural gas hit $375 per megawatt-hours.

Russia has added to the uncertainty in energy markets as Deputy Prime Minister Alexander Novak hinted late on Monday that Moscow could halt gas supplies to Europe.

He also warned that an embargo on Russian oil may push up prices to as high as $300 per barrel.

The White House has said President Joe Biden’s administration is still undecided over whether to ban imports of Russian oil and discussions are ongoing with European partners.

Other commodity prices have also seen significant increases, with wheat now at $13.20 per bushel, just shy of the all-time high of $13.49 recorded in 2008.

Gold is currently trading at $2,000 per ounce, compared to $2,008 on Monday.

On Tuesday, analysts will be monitoring announcements related to sanctions on Moscow, developments in the ongoing exodus of global companies from Russia, and statements from international officials that could impact global markets.

Germany will also be releasing its industrial production data for January on Monday, while the US Commerce Department will unveil trade balance figures for January.​​​​​​​

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