World markets tumble and oil prices soar with Russian attack on Ukraine

U.S. markets careened at the open, with all major indexes slumping 2 percent or more. Around 11:30 a.m., the Dow Jones industrial average had recovered some ground but remained down 580 points, or 1.7 percent. The broader S&P 500 index had also clawed back some but remained down about 1 percent. The tech-heavy Nasdaq briefly entered a bear market before reversing course and falling flat.

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Though the Russian incursion is just beginning, signals Thursday — including strikes across Ukraine — suggested a wide-ranging military offensive that would trigger deep sanctions from the United States and European Union, hurting not just the Russian economy, but the whole world’s. Consumers around the globe are already facing widespread price increases tied to raging inflation and troubled energy markets, and now pains are likely to grow more acute.

Russia is a dominant natural gas and oil exporter, particularly to Europe, and…

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