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.
Subscribe to 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."
Sign up for Today's Best Articles in your inbox
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.
-
Interest rate cut: the winners and losers
The Explainer The Bank of England's rate cut is not good news for everyone
-
Quiz of The Week: 3 – 9 May
Have you been paying attention to The Week's news?
-
The Week Unwrapped: Will robots benefit from a sense of touch?
Podcast Plus, has Donald Trump given centrism a new lease of life? And was it wrong to release the deadly film Rust?
-
Warren Buffet announces surprise retirement
speed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff display
Speed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
How the US bond market works – and why it matters
The Explainer Donald Trump was forced to U-turn on tariffs after being 'spooked' by rise in Treasury yields
-
How will Wall Street react to the Trump-Powell showdown?
Today's Big Question 'Market turmoil' seems likely
-
US Treasuries were a safe haven for investors. What changed?
Today's Big Question Doubts about America's fiscal competence after 'Liberation Day'
-
How could stock market slides affect you?
Today's Big Question Pensions, prices and jobs at risk as Donald Trump's 'Liberation Day' measures take hold
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off