Oil prices leap 5%; Asia markets dip as investors assess Russia-Ukraine crisis

The U.S. crude was up more than 5% and shares in Asia-Pacific traded lower on Monday as investors monitored the Russia-Ukraine crisis and related sanctions.

West Texas Intermediate crude futures were higher in Asia.

The benchmark crude crossed the $100 level last week before paring gains. On Friday, the oil contracts settled more than 1% lower.

Spot gold last traded at $1,910.46, rising 1.21%.

The Topix was down and the Nikkei was down.

The Kospi was down in South Korea, but the Kosdaq was higher.

The S&P/ASX 200 was down in Australia.

Taiwan markets are closed for a holiday on Monday.

Global markets were volatile last week. The U.S. stock market rose before closing on Friday, but futures fell on Sunday.

There were reports of fighting on the streets and forces encircling Kyiv over the weekend.

President Putin put his country's deterrence forces on high alert in response to the international backlash to Russia's invasion.

The U.S. and its allies have announced new sanctions against Russia.

Many countries will close their airspace to Russian planes.

The Ukrainian Defense Ministry said that representatives from the Ukrainian and Russian governments have agreed to meet at the border. Russia and Belarus share a border, and there are close ties between the two countries.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 97.036, up from 96.615.

The Australian dollar decreased in value against the Japanese yen, from $0.7232 to $0.7181.