Oil prices leap 4%; Asia markets mixed as investors assess Russia-Ukraine crisis

SINGAPORE — Oil futures were up more than 4%, and shares in Asia-Pacific were mixed on Monday as investors monitor the Russia-Ukraine crisis and related sanctions.

U.S. West Texas Intermediate crude futures were 5.2% higher at $96.35 per barrel in Asia trade, easing slightly after rising 6% earlier.

International benchmark Brent crude was up 4.3% at $102.14. Brent crossed the $100 level last week, even touching $105 before paring gains. Both oil contracts settled more than 1% lower on Friday.

Spot gold, traditionally a safe haven in times of uncertainty, last traded at $1,910.84, rising 1.23%.

Markets in mainland China declined. The Shanghai composite fell 0.54% and the Shenzhen component lost 0.76%. In Hong Kong, the Hang Seng index dropped 0.87%.

Japan’s Nikkei 225 shed 0.28%, while the Topix was almost flat.

In South Korea, the Kospi also erased losses to rise 0.14%, and the Kosdaq advanced 0.49%.

The S&P/ASX 200 in Australia was up 0.5% after falling slightly.

Elsewhere, Taiwan markets are closed for a holiday on Monday.

Global markets were volatile last week following Russia’s invasion of Ukraine. U.S. stocks climbed before closing on Friday, but futures were falling in overnight trade on Sunday.

Russia continued its advance into Ukraine over the weekend, with reports of fighting on the streets and forces encircling Kyiv.

President Vladimir Putin on Sunday put his country’s deterrence forces, which reportedly include nuclear capabilities, on high alert in response to international backlash to Russia’s invasion.

The U.S. and its allies announced new sanctions and measures to hit Russia, such as removing selected Russian banks from the interbank messaging system, SWIFT.

Many countries have also said they will close their airspace to Russian aircraft.

On the diplomatic front, representatives from the Ukraine and Russian governments have agreed to meet at the Ukraine-Belarus border with “no preconditions,” according to Ukraine’s Defense Ministry. Belarus, which shares a border with both Ukraine and Russia, has close ties with Moscow.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.217, up from 96.615.