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World stock markets tumbled, metals prices struck record highs and oil neared an all-time peak on widespread financial fallout from Russia''s invasion of Ukraine.

European stock market as well as the Asian counterparts have taken deep plunges as the US calls for Russian oil products boycott.

LONDON—The euro briefly sank below parity versus the Swiss franc for the first time in seven years on Monday and held at a 22-month low versus the dollar as soaring oil prices stoked fears of a stagflationary shock that could hammer Europe. The conflict in Ukraine and harsh international sanctions on Moscow have sent Russian […]

Japan -2.94%.Hong Kong -3.87%.China -2.17%.India -2.74%.London -1.66%.Paris -3.33%.Frankfurt -2.92%.

The frustrating petrol queues are to persist in Nigeria while the cost of fuel subsidy could grow beyond five trillion annually as more misery pile up for ordinary Nigerians in the months ahead. That’s the grim prospects being painted by both economists and executives of the Nigeria’s downstream oil industry given the abdication of responsibility by government. The rising international prices occasioned by the Russian attack against Ukraine means that even for customers with good reputation in the market, refined products are scarce and where available at a premium and it is even worse for Nigeria that has no good record of paying its supply partners promptly. It was for its bad record that Nigeria turned to the now massively abused DSPS mechanism that led to the importation of bad petrol into the country in January. This rising international crude oil price also means that it is now even more lucrative to smuggle fuel across the Nigerian borders. “From north to south to the west, the sale of petrol across the borders is booming”, said one official. “There is now even more margin to bribe security agencies and more margin to be made by the receivers of the smuggled petrol on the other side.” The second reason why the fuel queues will persist is that owners of trucks in the country are pivoting to distributing diesel where they can better price haulage fees when compared to the fee charged for petrol which is fixed by the government.

US officials also consider trip to Saudi Arabia to secure alternative sources of oil

By Will Horner Saudi Arabian Oil Co. raised its oil prices for April across the board, with the price for some varieties hitting their highest ever level,…

Equity indices plunged for fourth straight session on Monday as soaring crude oil prices amid escalating Russia-Ukraine conflict. The 30-share BSE index crashed 1,491 points or 2.74 per cent to close at 52,843, while the broader NSE Nifty settled 382 points or 2.35 per cent lower at 15,863.

Markets News: Equity indices plunged for fourth straight session on Monday as soaring crude oil prices amid escalating Russia-Ukraine conflict. The 30-share BSE ind

CAIRO (AP) — Libya’s national oil company said Sunday that an armed group has shut down two crucial oil fields,…

The United States imported more than 20.4 million barrels of crude and refined products a month on average from Russia in 2021

Russia is the world''s third-largest oil producer behind the US and Saudi Arabia. However its crude oil accounts for roughly 13 percent of global trade, making it the largest exporter of crude

Secretary of State Antony Blinken says Biden has convened a meeting of his National Security Council on the subject

"World War 3 Has Likely Started": Bill Ackman Goes Full ''Hell is Coming'' On Twitter How could anyone forget Bill Ackman''s famous proclamation that ''hell is coming'' live on CNBC during the early months of the Covid pandemic? While Ackman took to live television and helped move markets lower, he was also somewhere in the process of cashing out a massive, multi-billion dollar hedge on the market crashing. Ackman''s speech nearly marked the bottom for markets in 2020. Now, Ackman appears to be having the same type of meltdown about Ukraine - only this time, on Twitter. And whether or not these speeches are in his best interest or genuine suggestions for the betterment of mankind remain to be seen. Regardless of motivation, the hedge fund manager took to Twitter this weekend to pontificate about the potential long-lasting effects on the Russia/Ukraine situation that''s unfolding. Likening it to Covid, Ackman wrote: "In January 2020, I had nightmares about the potential for a pandemic, but everyone seemed to think I was crazy.

With gasoline and crude oil prices near levels associated with recessions, some investors are betting it is time to take profits in energy stocks. Maybe not.