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.ย ย
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%.ย ย
Take advantage of the oil price!ย ย
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.ย
Traders turned to commodities such as oil, nickel, and aluminiumย are at risk of supply disruptions if the situation deteriorates.ย ย
The ongoing crisis in eastern Europe is affecting global markets with huge uncertainty and there’s no end in sight.ย
