Oil Prices Today 2022: Crude soars, crypto and global stocks tumble as Russian oil ban loom

Oil futures hit a 13-year-high and European stocks sank to a year-low on Monday as investors warily weigh the impact of a potential Western ban on Russian oil imports, and whether that could dash a post-Omicron economic recovery in Europe and beyond

Brent crude spiked to near $139 in the Asian markets early on Monday, only to settle back to $127.44 at 4 a.m.

ET. Even still, the global benchmark was trading at a 13-year-high, back to a level last seen in the dark days of the global financial crisis in 2008. Natural gas prices in Europe, meanwhile, surged to a new record

The volatility in the energy markets comes as the United States and European Union disclosed this weekend the allies are discussing a plan to impose a blanket embargo on Russian oil

Those headlines are triggering fresh growth concerns in Europe, a market that's highly dependent on Russian crude and natural ga

"Exactly how badly the European economy will be hit is anyone’s guess at this stage, but the post-COVID recovery will surely be significantly delayed with a clear risk that we could be heading into a period of stagflation

if not even a recession with inflation," wrote Erik F. Nielsen, group chief economics advisor for Unicredit, in an investor note

On cue, investors were dumping risk assets on Monday. The Europe Stoxx 600 fell more than 2% out of the gates to hit a one-year-low; it's off roughly 9% in the past six trading session