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Oil hits $100/barrel as Putin orders military operation in Ukraine

Oil prices rose above $100, shares in Asia fell and stock futures in Europe plunged after Russian President Vladimir Putin ordered a “special military operation” in eastern Ukraine.

Hong Kong’s benchmark Hang Seng index fell 2.6%, South Korea’s Kospi fell 2.8% and Japan’s Topix fell 1.7%.

U. Fourth is much lower. The FTSE 100 is expected to fall more than 2%.

In commodity markets, Brent crude, the international benchmark, rose 3.3% to more than $100 a barrel for the first time since 2014 on fears war could disrupt supply chains. West Texas Intermediate, the US marker, rose more than 3% to $95.21.

“If this situation continues to deteriorate, I wouldn’t be surprised to see Brent at $120 a barrel, and that’s really the point you’d expect to see concerted intervention. [by global suppliers]Robert Rennie, head of global market strategy at Westpac said.

Gold rallied as investors flocked to havens, sending the precious metal 1% higher to more than $1,927 an ounce.

Market auctions in Asia take place after Putin says he has placed an order military administration in the Donbas region of Ukraine and demanded that Kyiv’s troops lay down their arms.

“All responsibility for possible bloodshed will rest with the conscience of the ruling regime,” he said in a speech on Russian state television. Putin also warned other countries against “the temptation to interfere in ongoing events”.

The lead up to war in Ukraine has rattled global markets, as the US has warned that a full-scale invasion could be launched. Kyiv declare a state of emergency on Wednesday and ordered its citizens to leave Russia immediately after the Kremlin said the two were backed by Moscow. breakaway territory in Ukraine asked Putin to “repel the aggression of the Ukrainian regime”.

The White House said the request was an example of the kind of “false flag” operation the Russian president is using to create an excuse for a major invasion. The Pentagon warned that Moscow had deployed 100% of the forces needed for an attack.

Russian securities have plunge to deal with the crisis. On Monday, the Moex index fell as much as 14.2%, closing the main session in its biggest one-day drop since Russia took Crimea in 2014. The benchmark is down more than 18% this year. .

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