- Ten Hag bemoans Man Utd's lack of killer instinct in Palace stalemate
- France's Macron appoints new government in shift to right
- Cheika proud of Leicester grit after winning start as boss
- Profligate Man Utd pay price in 0-0 draw at Palace
- Kane, Olise run riot as Bayern thump Bremen
- Diaz fires Liverpool top of Premier League, Man Utd held at Palace
- LIV champion Rahm out of LIV Team semis with severe flu
- Slot surprised by tearful Nunez's moment of magic
- Title rivals Norris, Verstappen on 'cool' front row for Singapore GP
- Biden talks China with 'Quad' leaders in hometown summit
- Juve and Napoli play out goalless draw in early Serie A title tussle
- Alcaraz fears tennis tour grind will 'kill us'
- Carey sparks recovery as Australia thrash England in 2nd ODI
- Leclerc, Sainz lament 'disappointing' Saturday in Singapore
- Bottega Veneta holds investors' aces as Madonna pops into D&G
- Beirut digs for victims at building flattened in Israeli strike
- Verstappen stages protest over 'ridiculous' swearing punishment
- Bayern boss Kompany lauds 'special talent' Olise
- Diaz fires Liverpool top of Premier League, Spurs bounce back
- Heavy fire over Israel-Lebanon border after deadly Beirut strike
- Ramos guides unbeaten Toulouse to Montpellier win despite Hogg scuffle
- Myanmar flood death toll jumps to 384
- Chelsea owners 'happy' with win at West Ham amid rift report
- Kane and Olise run riot as Bayern thump Bremen
- Ramos guides unbeaten Toulouse to Montpellier win
- Norris pips Verstappen to dramatic Singapore pole after Sainz crash
- Carey takes Australia to 270 in 2nd ODI against England after collapse
- Two Hezbollah leaders killed in Israel's Beirut strike
- Hungary Danube waters reach decade high after Storm Boris
- Bagnaia cuts Martin's MotoGP lead with Emilia-Romagna sprint win
- Jackson double fires Chelsea to victory at woeful West Ham
- Fiji beat Japan to lift Pacific Nations Cup
- Kasatkina to face Haddad Maia in Korea Open final
- S.Africa snowfall closes roads, strands motorists overnight
- Lawyers of women alleging Al-Fayed sex abuse receive over 150 new enquiries
- President Museveni's son backs Ugandan strongman for 7th term
- Norris quickest as Verstappen bounces back in Singapore practice
- Wallabies lament All Blacks' fast start
- Germany's Oktoberfest opens under tight security after attacks
- Environmental protesters block French cruise liner port
- Hezbollah in disarray after Israeli strike kills top commanders
- No place like home: Biden hosts 'Quad' leaders
- One dead, 7 missing as heavy rains trigger floods in central Japan
- Zelensky says no UK, US go-ahead to use long-range missiles
- New Zealand edge Australia 31-28 in Bledisloe Cup thriller
- Japan orders evacuations as heavy rains trigger floods in quake-hit area
- New Zealand pilot freed in Indonesia after 19 months in rebel captivity
- Hezbollah in disarray after Israeli air strike kills top commanders
- Leading climate activist released from Vietnam jail
- Ethiopians struggle with bitter pill of currency reform
Oil prices surge as US bans Russian oil imports
Crude prices surged Tuesday as the US banned Russian oil imports, while nickel prices rocketed to a record peak on Russian supply fears.
While remaining below Monday's peak of $139.13 per barrel, the main international oil contract, Brent, jumped 6.8 percent to $131.63.
The main US contract, WTI, rose by 6.7 percent to $127.44 per barrel.
President Joe Biden announced a ban on US imports of Russian oil while Britain said it will phase them out by the end of the year.
EU nations, which receive roughly 40 percent of their gas imports and one quarter of their oil from Russia, instead opted to set a goal of cutting their Russian gas imports by two-thirds.
Meanwhile, Moscow warned earlier that in retaliation for sanctions imposed on it for the invasion, it could cut off natural gas supplies to Europe via the Nord Stream 1 pipeline.
While the US does not import large amounts of Russian oil, analysts said the move was nevertheless important.
Market analyst Fawad Razaqzada at ThinkMarkets called it the "launch of an an all-out economic war against Russia" by the United States.
"There will be consequences: high gas prices, even more inflation and retaliation from Russia."
Craig Erlam at OANDA said: "It's another step towards the West turning its back on Russia and leaving it isolated in the world."
The rise in oil prices pulled the rug out from under a rebound in European and US equity prices.
While London managed to squeak out a gain of 0.1 percent, Frankfurt ended the day flat and Paris shed 0.3 percent.
Meanwhile on Wall Street, the Dow was down 0.6 percent in late morning trading.
Commodity prices also felt the effects of the growing isolation of Russia.
The London Metal Exchange suspended trade in nickel after the base metal spiked to a record $101,365 per tonne as Russian supply concerns sparked sharp volatility.
Nickel is used to make stainless steel and batteries for electric vehicles.
"Russia is one of the leading global exporters of this commodity and with the potential of incoming sanctions directed towards western countries, the market could see a significant supply shock in the short term which could lead to even further price increases until the situation is stabilised," said Walid Koudmani, chief market analyst at xtb online trading platform.
Nickel prices have risen from around $20,000 per tonne in January, he noted, putting huge pressure on manufacturers.
Gold rose as high as $2,069.25, a level unseen since August 2020.
- Stagflation -
The Ukraine crisis comes just as uncertainty was rising owing to surging prices caused by a spike in demand for oil, tight supplies and pandemic-induced supply chain snarls, among other things.
Markets remain fearful of stagflation -- a vicious mixture of low economic growth and elevated inflation.
"There are fears we are heading for a period of stagflation in the eurozone given the energy crunch and the region's exposure to Russia," noted ThinkMarkets' Razaqzada.
Europe gas reference Dutch TTF fell 6.5 percent to 212.35 euros per megawatt hour on Tuesday, one day after striking a record 345 euros.
- Key figures around 1330 GMT -
Brent North Sea crude: UP 6.8 percent at $131.63 per barrel
West Texas Intermediate: UP 6.7 percent at $127.44
New York - Dow: DOWN 0.6 percent at 32,622.95 points
EURO STOXX 50: DOWN 0.2 percent at 3,505.29
London - FTSE 100: UP 0.1 percent at 6,964.11 (close)
Frankfurt - DAX: FLAT at 12,831.51 (close)
Paris - CAC 40: DOWN 0.3 percent at 5,962.96 (close)
Tokyo - Nikkei 225: DOWN 1.7 percent at 25,790.95 (close)
Hong Kong - Hang Seng Index: DOWN 1.4 percent at 20,765.87 (close)
Shanghai - Composite: DOWN 2.4 percent at 3,293.53 (close)
Euro/dollar: UP at $1.0885 from $1.0854 Monday
Pound/dollar: DOWN at $1.3091 from $1.3104
Euro/pound: UP at 83.11 pence from 82.83 pence
Dollar/yen: UP at 115.71 yen from 115.32 yen
burs-rl/ach
M.Odermatt--BTB