Oil leads mad rush to resources, stagflation a risk

By Wayne Cole SYDNEY (Reuters) – Oil prices sped higher on Thursday as the war in Ukraine drove a mad dash for resources in an ominous sign for global inflation, while Asian shares eked out gains after reassuring comments from the Federal Reserve helped Wall Street bounce. Brent crude topped $117 per barrel and is now up almost 20% on the week, while everything from coal to natural gas and aluminium are on fire as Western nations tighten sanctions on Russia. “Russia supplies around 30% of Europe’s gas and oil imports and accounts for around 11% of world oil production,” said Shane Oliver, head…

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