Oil jumps to $105, gas prices surge and global stocks tumble after Ukraine invasion – business live

• Markets in turmoil as oil prices soar to seven-year highs, gas prices jump 40%
• Russian stocks crash 50% in early trading
• Bank of Russia to intervene as rouble crashes to record low
• London-listed Russian companies plummet
• Aluminium prices hit record high; gold and palladium jump
• Market summary
• Russia-Ukraine crisis live news

Gas and oil prices are surging. The British day ahead gas contract has jumped 39% to 278p per therm.

Brent crude is 6.6% higher at $103.21 a barrel, the highest since August 2014, while US light crude has jumped 6.2%% to $97.75 a barrel.

Russia's announcement of a special military operation into Ukraine has pushed Brent [above] the $100 per barrel mark.

This growing uncertainty during a time when the oil market is already tight does leave it vulnerable, and so prices are likely to remain volatile and elevated.