Oil Prices Break $100 Amid Russian Invasion

Oil prices broke above $100 a barrel for the first time since 2014, stock markets slumped globally and the rouble hit a record low on Thursday after Russian President Vladimir Putin launched an invasion of Ukraine.

Markets displayed all the predictable reactions. Europe’s stock markets tumbled nearly 4% in frenzied selling and Wall Street opened down 2.5%, while some traders described Russian and Ukraine markets as “untradeable” due to the sheer scale of the falls and Russia and Kyiv’s central banks tried to step in.

The scramble for safety saw top-rated government bonds rally strongly along with other traditional storm shelters such as the dollar, Swiss franc, Japanese yen and gold.

Putin said he had authorised what he called a “special military operation” though Ukraine. Western governments labelled it a full-scale invasion.

U.S. President Joe Biden said “severe sanctions” would be imposed on Russia after the attacks, with Europe’s leaders vowing to also freeze assets and shut Russian banks out of their financial markets.- READ MORE