Stocks closed lower in New York on February 22 as investors were on edge over developments in the Ukraine-Russia crisis.
The benchmark S&P 500 index fell 1 percent to 4,304.76 and is now more than 10 percent below its all-time high set in January.
The Dow Jones Industrial Average fell 1.4 percent and Nasdaq also lost more than 1.2 percent in trading on February 22.
The Dow and Nasdaq had been down more than 2 percent shortly before U.S. President Joe Biden announced the first wave of sanctions against Russia targeting Russian banks and sovereign debt.
SEE ALSO: U.S. Announces Sanctions Cutting Russia Off From Western Financial InstitutionsAs stock prices fell, crude oil futures reached their highest levels since 2014, reflecting fears that Russia's energy exports could be disrupted by any conflict. Brent crude futures settled up 1.5 percent at $96.84 per barrel, and U.S. West Texas Intermediate (WTI) crude settled up 1.4 percent at $92.35.
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Earlier in the day, European shares ended flat and the Russian stock exchange tumbled. Germany's DAX fell the most among major European indices. It is seen as more vulnerable due to the country's heavy reliance on Russian gas supplies.
The markets responded to concerns expressed by NATO Secretary-General Jens Stoltenberg, who said that the alliance believed Russia was still planning a big assault on Ukraine following Moscow's recognition of two separatist regions in the former Soviet republic's east.
Britain published a list of sanctions against Russian banks, and Germany froze the Nord Stream 2 Baltic Sea gas pipeline project, which would have significantly increased the flow of Russian gas.
Russia’s main stock index, the RTS, fell nearly 9 percent in early trading following losses in the previous three sessions for a total of about 25 percent of its value.
Elsewhere, stock markets were at least 1 percent lower on most exchanges in Europe and Asia as fear of a wider war and disruptions to the global economy emerged. U.S. futures prices also were down sharply.
Oil prices, on the other hand, surged as fears grew of new shortages and a possible loss of Russian supply should Western sanctions hit Moscow’s energy sector.
Crude prices -- already up more than 25 percent this year -- rose further on February 22, with Brent rising to near the $100 level for the first time since 2014, which will bring higher retail prices to gasoline pumps.