Stocks dive, oil jumps above $100 as Russia invades Ukraine

Oil prices broke above $100 a barrel for the first time since 2014, stock markets slumped and the Russian 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 main stock markets opened 2.5%-4% lower and benchmark government bonds, the dollar, Swiss franc, Japanese yen and gold all rallied in a move to safety, Reuters reported.

Putin said he had authorized what he called a special military operation and the Ukraine government accused Moscow of launching a full-scale invasion.

The rouble weakened nearly 7% to an unprecedented 86.98 per dollar and there were 10% plus falls on the Moscow stock exchange when it opened after an initial suspension.

The dollar index was up 0.5%, in the currency markets, Reuters reported.

Brent crude futures jumped more than 3.5% to shoot past $100 a barrel for the first time since September 2014.

West Texas Intermediate rose 4.6% to $96.22 per barrel, its highest since August 2014, while gold jumped more than 1.7% to hit its highest level since early January 2021.