The price of oil has surged to its highest level since 2008 after Russia's invasion of Ukraine, adding to airline costs at a time when carriers have been struggling to recover from a pandemic-related dip in demand.

U.S. House of Representatives Speaker Nancy Pelosi on Sunday said the chamber is "exploring" legislation to ban import of Russian oil and that Congress intends to enact this week $10 billion in aid for Ukraine in response to Russia's military invasion of its neighbor.

China's export growth slowed in the January-February period due to the week-long Lunar New Year holiday and though the data beat expectations Russia's invasion of Ukraine has heightened uncertainty over the outlook for global trade this year.

The euro tumbled to a fresh 22-month low on the dollar and hit multi-year troughs on the yen, Swiss franc and sterling as war in Ukraine drove up commodity prices and stoked fears of a stagflationary shock that would hurt Europe most of all.

Oil prices soared and shares sank in hectic trading on Monday as the risk of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets.

Oil prices soared more than 10% in hectic trading on Monday as the risk of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets.