Oil prices jump, shares sink as Ukraine crisis escalates

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Oil prices have surged nearly 5% and stock prices dropped after Russian President Vladimir Putin recognized the independence of rebel-held regions of Ukraine, raising fears that a full-scale invasion was near. U.S. futures also skidded after Wall Street was closed Monday for Presidents Day. Western powers have feared Russia might use skirmishes in Ukraine’s eastern regions as a pretext for an attack on the democracy, which has defied Moscow’s attempts to pull it back into its orbit. The U.S. and European Union condemned Russia and prepared to hit President Vladimir Putin’s administration and supporters with sanctions.