Shares dive, oil soars after Russian action in Ukraine

World stock markets have plunged and oil prices surged by more than $8 per barrel after President Vladimir Putin launched Russian military action in Ukraine

BEIJING -- Stocks plunged and oil prices surged by more than $8 per barrel Thursday after Russian President Vladimir Putin launched military action in Ukraine, prompting Washington and Europe to vow sanctions on Moscow that may roil the global economy.

Market benchmarks in Europe and Asia fell by more than 4% as traders tried to figure out how large Putin's incursion would be and the scale of Western retaliation. Wall Street futures sank, indicating that U.S. shares were likely to retreat after trading opens.

Energy prices surged, fuelling inflation fears. The spot price in Europe for natural gas, for which the continent relies on Russia to supply, jumped as much as 31%.

Brent crude oil jumped above $100 per barrel in London for the first time since 2014 on unease about possible disruption of supplies from Russia, the No. 3 producer. Benchmark U.S. crude briefly surpassed $98 per barrel. Prices of wheat and corn also jumped.