Global markets were rocked on Thursday on the news that Russia has launched an attack on Ukraine, and one that appears to be more widespread that expected.

 

Multiple explosions across Ukraine were reported by journalists and government officials in at least four cities early Thursday morning local time, undermining Russian President Vladimir Putin’s claim that Russia was launching a military operation that would be limited to the far east of the country.

 

Oil prices broke above $100 a barrel for the first time since 2014, stock markets slumped and the trouble hit a record low.

 

Brent crude futures rose more than 8.9% to trade at $105.36 a barrel. U.S. West Texas Intermediate futures, meanwhile, climbed over 8.7% to trade at $100.10. Natural gas prices popped 6.1%. Spot gold, traditionally seen as a safe haven asset, climbed 3.3%, last trading at $1,970.2.

 

Markets displayed all the predictable reactions. Europe’s, main stock markets opened 2.5%-4% lower and benchmark government bonds, the dollar, Swiss franc, Japanese yen and gold all rallied in a move to safety.

 

The pan-European Stoxx 600 dropped 3.6% by late morning, with banks plunging 6.6% to lead losses as all sector sand major bourses slid into negative territory.

 

Futures tied to the S&P 500, Nasdaq-100 and Dow Jones Industrial Average fell between 1.4% and 2.2%. The S&P 500 reached correction territory earlier in the week, and futures are indicating the Dow is on track to do the same.

 

Cryptocurrencies also fell sharply on Thursday after Russia launched an attack on Ukraine.

 

Bitcoin was down about 7% at $35,003.81 around 6:10 a.m. ET on Thursday, according to CoinMetrics data. Earlier in the morning, the cryptocurrency dropped more than 8% to touch $34,702.18, marking its lowest level in a month. Ether fell more than 10% to trade around $2,348.03.

 

Not only Bitcoin, its closest peers also faced the wrath amid a sharp selloff. Ethereum and BNB dropped about 14 per cent each to barely hold the $23,000 and $325 mark, respectively. Other Altcoins including XRP, Cardano, Solana, Terra and Avalanace tumbled up to 17 per cent.

 

More than $150 billion has been wiped off the entire cryptocurrency market in the last 24 hours, according to Coinmarketcap data.