Local blue chip shares fell today, as risk-off sentiment prevails across Asia following the latest development in the energy markets.

As Brent pushed above US$125 a barrel in Asian hours, ASX Energy and Mining sectors, which have been the two biggest beneficiaries of the commodity rally, fell by around 3% on profit taking.

Commodity prices, particularly oil prices, have been rising rampantly after the Biden government said it will consider banning Russian oil and gas imports to the US.

In retaliation, Russia said today it could cut off gas supplies to Europe, a comment that has sent the European Natural Gas price to a record high US$600/barrel.

OPEC has come out and said the world can’t replace all of Russia’s oil exports, which currently supply 8% of overall global demand.

The uncertainties have led to depressed markets across Asia today – with Japan, China, and Singapore equities all suffering losses.

On the ASX, only the consumer staples and health care sectors closed in the green, reversing yesterday’s losses.

Meanwhile, former Treasurer Peter Costello told the Australian Financial Review Business Summit today that the RBA should hike its rate from the current 0.1%.

“We’ve got big fiscal deficits, very low cash rates, very large bond-buying by the Reserve Bank – and it’s absolute rocket fuel,” Costello said.

BIG CAP WINNERS

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CSL (ASX:CSL) rose 3% on no specific company announcements, but a news report on The Australian newspaper said that CSL’s Flucelvax Quad influenza vaccine has received regulatory approval.

Retailers Coles Group (ASX:COL) and Woolworths (ASX:WOW) caught a bid, up around 2% on dip buying.

BIG CAP LOSERS

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Mineral and metal miners were down on profit taking, as Nickel Mines (ASX:NIC) and Mincor Resources (ASX:MCR) took the biggest tumbles, down by 9% each.

Bluescope Steel (ASX:BSL) and South 32 (ASX:S32) were also two of the worst performing stocks, down by around 6% each.