Asian markets dive as oil prices spike, Ukraine crisis rattles investors

FINANCIAL markets in Asia tumbled on Monday (Mar 7) amid a rally in crude oil prices which was stoked by reports that the US Congress is exploring an embargo of oil imports from Russia, one of the world's largest oil suppliers.

Fears of a supply crunch, as well as escalating tensions between Ukraine and Russia, pushed benchmark Brent prices to as high as US$137.59 on Monday, while West Texas Intermediate Crude touched US$129.77.

Oanda senior market analyst Jeffrey Halley noted that Russians themselves also gave the US some "hefty last-minute demands" in the small print of the almost-finished Iran nuclear deal.