Shares dive, oil soars after Russian action in Ukraine
By JOE McDONALD AP Business Writer
BEIJING (AP) — World stock markets have plunged and oil prices surged by more than $8 per barrel after President Vladimir Putin launched Russian military action in Ukraine. Market benchmarks tumbled in Europe and Asia and Wall Street futures were sharply lower.
Brent crude oil jumped to over $100 per barrel on unease about possible disruption of Russian supplies. The ruble sank 7.5% against the U.S. dollar. The European Union said it planned "massive and targeted" sanctions on Russia.
Surging prices for oil and other commodities are an added worry for investors already uneasy about the possible impact of the Federal Reserve's plans to try to cool inflation.