The world’s largest cryptocurrency, Bitcoin, surged past the $41,000 mark amid a sharp rally in digital tokens, while oil prices climbed further close to $127 a barrel, after US President Joe Biden moved to ban the import of Russian crude.
Bitcoin advanced as much as 8.5 percent to $41,790, while other cryptocurrencies such as Ether gained 6.7%, and Terra – another top 10 token – climbed 17% over past 24 hours, Bloomberg reported.
Meanwhile, oil continued to rally with futures in New York soaring more than 35% since the the start of Russia’s war of Ukraine, settling at the highest levels since 2008.
The UK has also stated that it will phase out Russian crude imports by the end of the year, while Shell Plc and BP Plc have halted new purchases.
Russia is the world’s third-biggest oil producer and the second-most influential member of the OPEC+ alliance behind Saudi Arabia.
Mounting sanctions on the nation are prompting supply fears, with fuel prices following oil higher. The Russia-Ukraine crisis has roiled commodity markets from metals to grains, and has sparked concerns that the global economy is heading for a shock just as countries emerge from the Covid-19 pandemic.
Banks and traders are predicting even higher crude prices and already tight energy markets are being stretched, Bloomberg reported.
The costs of crude options are also following an upward trend, with at least 200 contracts traded for the option to buy May Brent at $200 a barrel, according to ICE Futures Europe data.
The June Brent $150 a barrel call option has doubled on Monday, compared to last Friday, ICE reported, adding that the cost of the $180 call options increased by 110 percent.
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