The price of oil has jumped more than $10 a barrel to around $125, and shares were sharply lower, as Russia's invasion of Ukraine deepened amid mounting calls for harsher sanctions against Moscow.
Brent crude, the international standard, hit $139.13 per barrel before falling back. It was trading up $10.56 at $128.67 a barrel.
Hong Kong’s Hang Seng dropped 4.0% to 21,021.38, while South Korea’s Kospi dived 2.5% to 2,648.48. Australia’s S&P/ASX 200 shed 1.2% to 7,023.10. while the Shanghai Composite lost nearly 0.8% to 3,421.81. Markets worldwide have swung wildly recently on worries about how high prices for oil, wheat and other commodities produced in the region will go because of Russia’s invasion, inflaming the world’s already high inflation.Russian forces intensified shelling of cities in Ukraine’s center, north and south, according to a Ukrainian official, as a second attempt to evacuate civilians collapsed.
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