SYDNEY — Oil prices soared more than 10% in hectic trading on Monday as the risk of a U.S. and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets. The euro extended its slide, hitting parity against the safe haven Swiss franc, and commodities of all stripes were on the rise as the Russian-Ukraine conflict showed no sign of cooling. Russia calls the campaign it launched on Feb. 24 a “special military operation,” saying it has no plans to occupy Ukraine. This advertisement has not loaded yet, but your article continues below. Brent was quoted $12.73 higher at $130.84, while U.S. crude rose $9.92 to $125.60. That will act as a tax on consumers and the potential blow to global economic growth saw S&P 500 stock futures drop 1.4%, while Nasdaq futures shed 1.9%. U.S. 10-year bond yields also dropped to their lowest since early January. Japan’s Nikkei sank 1.9%, while MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.3%. Having climbed 21% last week, Brent crude was further energized by the risk of a ban of Russian oil by the United States and Europe. “If the West cuts off most of Russia’s energy exports it would be a major shock to global markets,” said BofA chief economist Ethan Harris. He estimates the loss of Russia’s 5 million barrels could see oil prices double to $200 a barrel and lower economic growth globally. And it is not just oil, with commodity prices having their strongest start to any year since 1915, says BofA. Among the many movers last week, nickel rose 19%, aluminum 15%, zinc 12%, and copper 8%, while wheat futures surged 60% and corn 15%. That will only add to the global inflationary pulse with U.S. consumer price data this week expected to show annual growth at a stratospheric 7.9%, and the core measure at 6.4%. All of which complicates the policy picture for the European Central Bank when it meets this week. “Given the potential for stagflation is very real, the ECB is likely to maintain maximum flexibility with its asset purchase program at 20 billion euros through Q2 and potentially beyond, thus effectively pushing out the timing of rate hikes,” said Tapas Strickland, an economist at NAB.