Oil prices touched their highest level since 2008 — surging past $130 a barrel — after US President Joe Biden banned crude, gas and coal imports from Russia on Tuesday, in retaliation for Moscow's invasion of Ukraine.

Wheat and other soft commodities are also rising on supply concerns, as both Russia and Ukraine are big producers. There is already a knock-on effect on food costs. Metals, including aluminium and nickel, are experiencing similar record price jumps and industries such as car making will feel the pinch.

There has been a feeling of chaos these past few days on global markets.

In this episode:

• Russia-Ukraine conflict to have 'severe impact' on global economy, IMF says

• Oil prices jump as US bans Russian crude imports

• IEA to release 60 million barrels of oil from emergency stocks