Global markets rocked, oil soars on Russia-Ukraine conflict

NEW YORK (AP) — U.S. markets pointed toward a sharply lower open, following a global plunge and a surge in oil prices 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. Oil prices jumped by more than $7 per barrel and futures for Wall Street’s benchmark S&P 500 index and the Dow Jones Industrial Average were off by more than 2.5%. Market benchmarks in Europe and Asia fell as much as 5% as traders tried to figure out how large Putin’s incursion would be and the scale of Western retaliation.