Sensex, Nifty drop over 2.3% as Brent crude oil touches 14-year high

Sensex falls nearly 1,500 points with financial stocks being biggest drag

A sharp rise in global oil prices sent shock waves across the domestic market on Monday, with the benchmark indices dropping to their lowest levels in more than seven months.

The Brent crude oil price rose up to $139 a barrel for the first time since July 2008 on concerns that a possible ban on Russian oil exports would tighten the energy market further. The rising prices of oil and other commodities stoked fears of stagflation and erosion of corporate profitability. Sectors sensitive to oil prices such as automobiles, airlines, and paints suffered heavy losses, while companies that stand to gain