Oil surges, stocks tumble as Ukraine crisis escalates
Oil jumped to a seven-year high as Europe stands on the brink of war after Russian President Vladimir Putin mobilized troops into eastern Ukraine.
Brent crude rose 6% to $99.35, its highest since September 2014 and WTI is trading at $95.67. Globally, markets took a dip; the S&P 500 fell 2%, Nasdaq fell 2.7% and European equities dropped 1.3%.
In Forex, the Yen rose 0.2% to a three-week high of 114.50p/d, while the Euro fell 0.1% to $1.1296. Unsurprisingly the Russian Rouble hit a one-month low of 80.289 per dollar.
Traders turned to commodities such as oil, nickel, and aluminium are at risk of supply disruptions if the situation deteriorates.
The ongoing crisis in eastern Europe is affecting global markets with huge uncertainty and there’s no end in sight.