Oil prices have hit their highest level since 2008 after the US signalled plans for a ban on Russian exports.
Brent crude briefly touched $139 a barrel before settling near $130 and wheat is also trading at a fresh record, adding to fears that spiralling inflation will derail the global economy.
Having endured its worst weekly performance since the onset of the pandemic, the FTSE 100 index is under more selling pressure after falling by more than 2%. Banks and airline stocks have been among those worst hit.
