Oil at nearly 14-yr high, sensex sheds 1.5k pts, ₹ breaches 77/$

Fears Amid Talk Of Import Ban To Punish Russia

New Delhi: Global crude oil prices soared to a 13-year high on Monday as talk of the US and its European allies exploring a ban on Russian oil and tightening the sanctions on Moscow for its invasion of Ukraine sent shockwaves across financial markets around the world, posing a major risk to economies, including India.

Brent crude, a major import for India, surged to $139 a barrel—highest since July 2008. The sharp increase had a chilling impact on stock markets: the sensex shed over 2.7% or nearly 1,500 points to slump to a 7-month low of 52, 843. For the first time, the rupee too breached the 77-mark, before closing 80 paise weaker at 76.97/$.