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.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
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."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.
-
Is a financial market crash around the corner?
Talking Points Observers see echoes of 1929
-
Gold tops $4K per ounce, signaling financial unease
Speed Read Investors are worried about President Donald Trump’s trade war
-
Electronic Arts to go private in record $55B deal
speed read The video game giant is behind ‘The Sims’ and ‘Madden NFL’
-
The AI bubble and a potential stock market crash
Today's Big Question Valuations of some AI start-ups are 'insane', says OpenAI CEO Sam Altman
-
New York court tosses Trump's $500M fraud fine
Speed Read A divided appeals court threw out a hefty penalty against President Trump for fraudulently inflating his wealth
-
Trump said to seek government stake in Intel
Speed Read The president and Intel CEO Lip-Bu Tan reportedly discussed the proposal at a recent meeting
-
US to take 15% cut of AI chip sales to China
Speed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
DORKs: The return of 'meme stock' mania
Feature Amateur investors are betting big on struggling brands in hopes of a revival