The London Metal Exchange (LME) took emergency measures to halt trading in nickel on Tuesday as prices doubled to more than $100,000 a tonne.
Gold on Tuesday extended its blistering rally towards an all-time high as investors made a beeline for the traditional safe haven on mounting fears about the Ukraine crisis and the impact of a possible ban on Russian oil by the United States and Britain.
Britain will phase out imports of Russian oil and oil products by the end of 2022 and consider banning its natural gas, joining other countries, including the United States, in a move to punish Moscow over the invasion of Ukraine.
Already struggling with rising living costs, Europeans now face an even deeper hit to their livelihoods as the conflict in Ukraine pushes fuel and food prices higher and threatens to undermine a fragile economic recovery.
Palladium hovered marginally below an all-time peak in volatile trading on Tuesday as the Russia-Ukraine crisis fuelled worries of a supply squeeze of the metal, while safe-haven gold remained unperturbed above the key $2,000 level and gained further.
U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine, amid strong support from American voters and lawmakers, even though the move will drive up U.S.
Recession in Europe and North America may be the inevitable price for defending freedom, resisting aggression and upholding international law in Ukraine.
Recession in Europe and North America may be the inevitable price for defending freedom, resisting aggression and upholding international law in Ukraine.
The U.S. trade deficit widened to a record high in January as businesses imported more goods to rebuild inventories, potentially setting up trade to remain a drag on economic growth in the first quarter.
One-year U.S. inflation expectations have rocketed higher since Russia's invasion of Ukraine and the longer-term outlook has begun increasing as well, a development likely to be watched closely by the Federal Reserve as it battles to keep price pressures under control.
U.S. stocks rose in volatile trading on Tuesday, with investors evaluating fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.
The S&P 500 was little changed in rocky trading on Tuesday, as investors weighed fast-paced developments around the crisis in Ukraine as the United States banned Russian oil and other energy imports over the invasion.
With crude oil surging past $125 a barrel, oil company executives called on Tuesday for more favorable global government energy policy to help the industry resolve the supply crisis that has deepened since Russia's invasion of Ukraine.
Palladium attempted to consolidate off an all-time peak in volatile trading on Tuesday as the Russia-Ukraine crisis fuelled worries of a supply squeeze of the metal, while safe-haven gold also powered past the key $2,000 level.
European shares slipped on Tuesday, as the United States banned Russian oil imports, raising volatility and fears of global stagflation, and offsetting a recovery in financial stocks.
Shares in German utility Uniper gave up earlier gains to close flat after the group signalled an exit from Russia and wrote down its exposure to the Nord Stream 2 pipeline, key areas of investor concern since Moscow's invasion of Ukraine.
Global share markets slid lower on Tuesday as oil remained near record highs after the United States banned Russian oil and other energy imports, stoking volatility and concerns about inflation.
Global share markets edged higher on Tuesday as oil prices climbed yet further, driven by the United States banning Russian oil and other energy imports over Moscow's invasion of Ukraine.
Japan's bank lending rose at the slowest increase in a decade in February as immediate pressure for corporates to borrow cash continued to ease amid a broader economic recovery from the pandemic slump.
Japan recorded its largest current account deficit since the start of 2014 in January as a jump in oil import costs offset gains in investment income, with continuing uncertainty due to the Ukraine crisis and COVID-19 pandemic.
OPEC has no control over the events that have led to the run up in global oil prices and there is not enough capacity worldwide to compensate for the loss of Russian supply, OPEC Secretary General Mohammad Barkindo said on Monday.
Canada's main oil-producing province Alberta will drop its provincial fuel tax to give consumers some relief from soaring energy prices, Premier Jason Kenney said on Monday, as he also urged the United States to revive the cancelled Keystone XL (KXL) oil pipeline.
Brazilian President Jair Bolsonaro on Monday threw his weight behind measures to tamp down domestic fuel prices after the Ukraine conflict sent oil prices to their highest levels since 2008, adding to pressure on state-run oil company Petrobras.
The possibility that the United States might ban Russian oil imports has triggered a surge in Brent crude to almost $140 a barrel, its highest level since 2008.
The Biden administration is threatening to add companies to a trade blacklist if they skirt new export curbs against Russia, as it ramps up efforts to keep a vast array of technology out of the country after it invaded Ukraine last month.
Global financial conditions are at their tightest since early 2016, driven by soaring energy prices, sliding stocks and market turmoil stemming from Russia's invasion of Ukraine.
The top U.S. lawmakers on trade matters on Monday announced a plan for legislation to ban the import of Russian energy products and suspend normal trade relations with Russia, according to a statement from the bipartisan group.
European Union leaders will agree at a summit this week to phase out the EU's dependency on imports of Russian gas, oil and coal, a draft statement showed, marking a turning point in its policy towards Moscow prompted by Russia's invasion of Ukraine.
Russia's invasion of Ukraine is a "big wake up call" for European governments hoping to balance the need for fossil fuels with environmental concerns, the head of French energy giant TotalEnergies said on Monday.
It will be years before the full impact of Brexit on Britain's financial sector is fully known as more activity could leave London for the bloc or other centres like New York, Bank of England Deputy Governor Jon Cunliffe said on Monday.
