European currencies are crumbling due to the war in Ukraine, causing many macro traders to sell liquid assets.
On Monday, the euro fell below the haven Swiss franc for the first time since January 2015.
Poland's zloty and Hungary's forint also dropped to an all-time low against the euro, with every eastern European currency now sliding against the dollar after losses in the rouble.
Oil prices have seen an increase of more than 10% after Western countries posed sanctions on Russia after it invaded Ukraine.
The cost of oil is closing in on an all-time high, as the US and Europe threaten to place a ban on Russian crude.
The ban, if implemented, will have a significant impact on Irish pockets, with fuel for home heating and petrol and diesel set to rise even further.
Since the Russian invasion of Ukraine, European gas prices have more than doubled, coal has surged by 85%, and crude oil has climbed by a fifth.
While Russia faces many sanctions designed to decrease funding of its 'war machine' and isolate its economy, the sanctions have excluded its exports of gas and oil.
As it stands, Europe is dependent on Russian gas and oil supplies to power its economy.
However, excluding fuel from the sanctions has made many question the relevancy of sanctions as it is estimated that the west pay around €700m a day to Russia for their energy supplies.
To combat the impact of rising costs on Irish consumers, Tánaiste Leo Varadkar said the Government is considering reducing excise duties on fuel and energy supplies following the effects of the Ukrainian invasion as more than a third of the average cost of a litre of petrol goes on excise duties.
The global benchmark of Brent crude has shot up since Friday hitting €127.94 a barrel at the start of trading on Monday, a leap of almost €20 on Friday's close of €108.54.
The all-time high of Brent crude of €135.64 was reached in July 2008, but some experts have predicted this mark could be surpassed due to the impact of the Ukraine crisis.
The instability of the market had led to safe havens such as gold increasing in value.
