Russia invasion of Ukraine batters shares, rupee; more turmoil ahead

India is feeling the immediate whiplash from Russia’s full-throttle invasion of Ukraine in the form of higher oil prices and stock market turmoil. Global crude prices soared by more than $7 on Thursday, day one of Russia’s assault, with more price hikes seen in the pipeline, while the eruption of hostilities has wreaked carnage on share markets.

Brent Crude, which is one of the benchmarks for global oil prices opened at $98.08 and then soared to a day high of $105.79 once it became clear that Russia had launched a full-scale attack on its neighbour.