Oil prices skyrocket while markets sink amid Russia's attack on Ukraine

Oil prices jumped up Thursday morning after Russia ordered a full-scale invasion of Ukraine. The international benchmark, Brent crude oil, surged to around $105 per barrel, reports CNBC, the first time it climbed that high since 2014.

The 8 percent surge also came as European natural gas futures soared 40 percent, writes The New York Times, and as global markets sank amid the turmoil. Russia "provides more than a third of the European Union's gas," writes the Times, "with some of it running through pipelines in Ukraine." Russia's markets collapsed, with the ruble falling to a record low against the dollar. Russia is seemingly seeking to partner with Pakistan on a new gas pipeline.

In the U.S., the Dow Jones Industrial Average plummeted 700 points, the S&P 500 sank 1.7 percent, and the Nasdaq Composite dropped 1.6 percent, per CNBC. The indexes are all down significantly from their highs earlier this year, as the disruption to energy markets compounded inflation concerns.

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While the U.S. does not directly import Russian gas, "disruptions anywhere could drive up prices," writes the Times, "prolonging the inflation that already has dragged on longer than officials had anticipated."