The benchmark index was being traded at 43,124, showing a drop of 1,427 points or 3.2% at 11:10 am.

Panic selling was witnessed at the bourse, as oil prices soared more than 9%, touching their highest since 2008, as the United States and European allies mull a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled tight supply fears.

Brent crude futures jumped $12.61, or 10.6%, to $130.72 a barrel, while US West Texas Intermediate crude climbed $10.41, or 9%, to $126.09 earlier in the day.

Gold prices scaled the $2,000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high.

Following the development, equity markets plunged as well with a sea of red witnessed at equities across the globe.

Asian bourses were deep in the red, with Hong Kong at one point losing more than four per cent, while Tokyo and Taipei were off more than three per cent.

Seoul and Manila were both down more than two per cent, with Shanghai, Sydney and Wellington off more than one per cent.

This is an intra-day update

The story was originally published in Business Recorder on March 7, 2022.