- Stock markets diverge as Hong Kong sinks, oil prices fall
- US trade gap narrowest in five months as imports slip
- Stay and 'you are going to die': Florida braces for next hurricane
- England 96-1 after Salman's century lifts Pakistan to 556
- Hollywood star Idris Elba champions African cinema in Ghana
- Djokovic rolls Cobolli to make Shanghai Masters last 16
- Milan's Hernandez receives two-game suspension after referee rant
- Geoffrey Hinton, soft-spoken godfather of AI
- Ex-Barcelona and Spain great Iniesta retires aged 40
- Duo wins Physics Nobel for 'foundational' AI breakthroughs
- German 'Maddie' suspect could be free in 2025 after cleared of separate sex crimes
- China slaps provisional tariffs on EU brandy imports
- Ex-skipper Skelton eyes Wallabies November return
- Spanish great Iniesta leaves indelible legacy after retirement
- Indian Kashmir elects first regional government in a decade
- Hong Kong stocks crash, oil prices retreat on fading China boost
- Man City accuse Premier League of 'misleading' claims after legal case
- Duo wins Physics Nobel for key breakthroughs in AI
- Agha defies England as Pakistan post 515-8 in first Test
- September second-warmest on record: EU climate monitor
- Pastor wanted by US for sex trafficking to run for Philippine senate
- Mozambican writer Mia Couto dreams future leaders set an 'example'
- German 'Maddie' suspect could be free soon after cleared of separate sex crimes
- China says to take anti-dumping measures against EU brandy imports
- German suspect in 'Maddie' case cleared in separate sex crimes trial
- Israel expands offensive against Hezbollah in south Lebanon
- China stocks rally fizzles on stimulus worries amid Asia retreat
- Bangladesh's Yunus says no elections before reforms
- England strike twice as Pakistan reach 397-6 at lunch in first Test
- China stocks rally peters out on stimulus worries amid Asia retreat
- Taiwan's Foxconn says building world's largest 'superchip' plant
- Kenya's deputy president faces impeachment vote
- N. Korean soldiers 'highly likely' killed in Ukraine: Seoul
- 'Appeals Centre' to referee EU social media disputes
- US Supreme Court to hear 'ghost guns' regulation case
- 'Small' oil leaks detected in Samoa after NZ navy shipwreck
- Nobel literature jury may go for non-Western writer
- At Istanbul church, blessed spring offers hope to Christians and Muslims
- From Bolivia to Indonesia, deforestation continues apace
- Myanmar to send rep to regional summit for first time in three years
- Prabowo set to lead bolder Indonesia on world stage
- Tampa zoo rushes Chompers the porcupine and others to safety as Milton nears
- Shanghai stocks pare early surge on stimulus worries amid Asia retreat
- New Japan PM to hold talks on ASEAN sidelines
- Record number of climbers chase 14-peak dream in Tibet
- Former South Korea clinic for US 'comfort women' to be demolished
- China holds off on fresh stimulus but 'confident' will hit growth target
- Chiefs battle past Saints to stay unbeaten
- Deal on climate aid hangs in balance at UN COP29 summit
- Royals hit back against Yankees, Tigers maul Guardians
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Oil soars, stocks fall on Russia crude ban talk
Stock markets fell, metals prices hit record highs and oil surged on Monday after the United States raised the prospect of an embargo on Russian crude.
European markets seesawed in afternoon trading, paring back some losses after sharp drops earlier in the day following a four percent fall in Hong Kong.
Wall Street was lower in early trading.
"The catalyst for the overnight fallout were reports that the US and Western allies are considering a ban on Russian oil imports," said Briefing.com analyst Patrick O'Hare.
US Secretary of State Antony Blinken said Sunday that the White House and allies were in talks about banning oil imports from Russia following its invasion of Ukraine.
But German Chancellor Ola Scholz on Monday cautioned against banning Russian oil and gas, saying doing so could put Europe's energy security at risk.
The benchmark Brent North Sea crude oil contract soared to a near 14-year high as it reached $139.13 before cooling to $121.54.
The record high stands at $147.50, achieved in 2008 during the global financial crisis.
European gas prices, meanwhile, struck record peaks on energy supply fears.
Russia is one of the world's biggest crude producers and is also a leading supplier of natural gas.
"As the dust has settled, fear of European bans on Russian oil -- and potential retaliation or follow-up moves in gas or other commodities -- has subsided," said OANDA analyst Craig Erlam.
Commodities have been red hot since Russia's assault on its neighbour, with gold rising above $2,000 an ounce thanks to the metal's status as a haven investment, before falling back to $1,986.
Aluminium, copper and palladium prices kicked off the week with record highs and nickel rocketed by more than 25 percent in value.
"Commodity and energy prices have inevitably been under upward pressure, with escalating sanctions against Russia and the shuttering of some Ukrainian ports driving the search for replacement supplies of crops, metals and energy," noted Richard Hunter, head of markets at Interactive Investor.
Ukraine, one of the world's top wheat producers, has set export restrictions on the crop and other agricultural products, the Interfax Ukraine news agency reported.
The conflict has pushed wheat prices higher as Russia is the world's top exporter of the cereal and Ukraine is the fourth according to US official estimates.
- Stagflation worries -
The surge in prices is handing a headache to central banks, which have already begun removing pandemic-era cash stimulus and are raising interest rates to bring down inflation that stood at the highest levels in decades even before the invasion.
"The current backdrop is also stoking stagflation concerns, with rising inflationary pressure unlikely to be offset by sufficient global economic growth to prevent a stagnant environment," Hunter added.
The International Monetary Fund warned at the weekend that the war and sanctions on Russia would have a "severe impact" on the global economy.
In foreign exchange Monday, the euro sank to the lowest level for almost two years against the dollar, pummelled by fears of sanctions on Russian energy that would hit the eurozone's economic recovery, traders said.
The euro slid 1.1 percent to $1.0806 before recovering slightly later in the day, while the ruble hit a record-low 142.18 against the dollar.
- Key figures around 1445 GMT -
New York - Dow: DOWN 0.4 percent at 33,482.86 points
London - FTSE 100: DOWN 0.1 percent at 6,981.67
Frankfurt - DAX: DOWN 0.5 percent at 13,027.36
Paris - CAC 40: DOWN 0.1 percent at 6,052.90
EURO STOXX 50: UP 0.1 percent at 3,558.09
Tokyo - Nikkei 225: DOWN 2.9 percent at 25,221.41 (close)
Hong Kong - Hang Seng Index: DOWN 3.9 percent at 21,045.21 (close)
Shanghai - Composite: DOWN 2.2 percent at 3,372.86 (close)
Brent North Sea crude: UP 2.9 percent at $121.54 per barrel
West Texas Intermediate: UP 1.2 percent at $117.06 per barrel
Euro/dollar: UP at $1.0891 from $1.0850 Friday
Pound/dollar: DOWN at $1.3159 from $1.3200
Euro/pound: UP at 82.77 pence from 82.18 pence
Dollar/yen: UP at 115.34 yen from 114.78 yen
burs-bcp-lth/cdw
Y.Aukaiv--AMWN