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Asharq Al-Awsat

Business

Asharq Al-Awsat

Oil Breaks $100, Havens Rally, Equities Drop as Russia Enters Ukraine

Ukraine Russia United States Vladimir Putin Kremlin

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US, November 22, 2019. REUTERS/Angus Mordant/File Photo

Oil prices broke past $100 and safe havens surged while equities tumbled Thursday after Russian President Vladimir Putin announced a "military operation" in Ukraine, accelerating fears of a major war.

Markets have been hammered this week after the Kremlin recognized two breakaway regions in eastern Ukraine and said it would provide "peacekeepers" to the regions, leading to warnings of a conflagration, AFP said.

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