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Brent crude hits $130 a barrel; Nikkei plunges

U.S., Europe ban on Russian products and delayed Iran nuclear talks spark fears

Brent was quoted $12.73 higher at $130.84, while U.S. crude rose $9.92 to $125.60.   © Reuters

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

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