Crude prices topped $100 a barrel for the first time since 2014 and stock markets slumped around the world after Russia launched an invasion of Ukraine today. 

 

Brent crude futures soared more than 3.5% to go past $100 a barrel for the first time since September 2014, said a Reuters report. West Texas Intermediate leapt 4.6% to $96.22 per barrel, its highest since August 2014, while gold jumped more than 1.7% to hit its highest level since early January 2021.

 

Europe's main stock markets opened 2.5% - 4% lower and benchmark government bonds, the dollar, Swiss franc, Japanese yen and gold all rallied in a move to safety.

 

The Russian rouble weakened nearly 7% to an unprecedented 86.98 per dollar and there were 10% plus falls on the Moscow stock exchange when it opened after an initial suspension. 

 

"In the past when you have had geopolitical flareups you tend to have a very volatile periods on markets then normalisation, but it's difficult to assess when we will get that," said LGIM portfolio manager Justin Onuekwusi.