NEW YORK: Oil prices initially soared on Thursday as the Ukraine war sparked a run on commodities that raised fears of "stagflation," while equity markets fell as investors gauge the impact of the Federal Reserve's plans to tighten monetary policy.
The fresh surge in energy prices heightened worries about the European economic outlook, leading the euro to slide to its lowest level in almost six years against Britain's pound and pinning it near 21-month lows versus the dollar.
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