Asian markets dive as oil prices spike, Ukraine crisis rattles investors
Worries rising over developing supply crunch on news of potential embargo of Russian oil and as Opec+ keeps supply tight
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Singapore
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 during Monday's trading session, while West Texas Intermediate Crude touched US$129.77.
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