Ukraine crisis spooks global stocks, sparks surge in oil and gas prices
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RUSSIA's intervention in the Ukraine has caused a plunge in global equities and a surge in oil and gas prices.
Market participants fear that Group of Seven sanctions against Russia would precipitate retaliation, notably energy-supply cuts and price hikes of the nation's supply to Europe.
As The Business Times went to press, the German market tumbled by 2.5 per cent, France by 2 per cent and the United Kingdom, by 1.5 per cent. Wall Street tumbled in early trade as the Dow slumped 100.31 points to 16,221.40. Brent crude oil jumped by 2.2 per cent to US$111.41 a barrel on the ICE Futures Europe exchange in London, while British gas prices soared by 10.3 per cent to almost 62 pence a therm (US$10 per million British thermal units) - the most in 17 months and the highest price since Jan 31.
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