Tensions in Eastern Europe are adding uncertainty at a time when markets have been preoccupied over how the world's central banks will act to counter surging inflation.
People walk by an electronic stock board of a securities firm in Tokyo on Tuesday. Shares fell sharply in Asia after Russian President Vladimir Putin ordered troops into separatist regions of eastern Ukraine.
Oil prices already had surged recently to their highest level since 2014. By early Tuesday, U.S. benchmark crude oil had advanced 4.9% to $94.64 per barrel in electronic trading on the New York Mercantile Exchange. The price of Brent crude, the standard for international oils, jumped 3.9% to $99.07 per barrel.
The U.S. and European Union condemned Russia and prepared to hit President Vladimir Putin's administration and supporters with sanctions. 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.
U.S. futures were sharply lower, with the contract for the S&P 500 down 1% and the future for the Dow industrials 0.9% lower.
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