- Marseille bidding to continue 'almost perfect' Ligue 1 start
- Arnold quits as coach of Australia men's football team
- Harris and Oprah hold star-studded US election rally
- Allies to remember failed WWII parachute operation
- Perez leading new-look Villarreal charge against leaders Barca
- Man City face Arsenal in Premier League title showdown, Postecoglou under pressure
- Fake celebrity endorsements, snubs plague US presidential race
- Documentary brings Argentine 'death flights' to the big screen
- Strike shows challenge to Boeing 'reset' of labor relations
- World leaders to gather at UN as crises grow and conflicts rage
- How plastic pollution poses challenge for Canada marine conservation
- Scientists track plastic waste in pristine Canada marine park
- South Africa's Buhai grabs LPGA Queen City lead
- Japan inflation firms to 2.8% ahead of BoJ rate decision
- Russia's Kadyrov accuses Musk of 'remotely disabling' his Cybertruck
- Titan sub had to abort a dive days before fatal implosion: testimony
- Ohtani makes MLB history with first 50-homer, 50-steal season
- Ohtani eyes MLB history after surpassing 50 stolen bases, 49 homers
- Ohtani eyes MLB history after surpassing 50 stolen bases
- Barca downed by Monaco as Arsenal held in Champions League stalemate
- Head's 'good night at office' after century seals win over England
- Dubois seeks legitimacy with Joshua scalp
- Rate cut could lift consumer spirits before US elections
- Last-gasp Gimenez strike sends Atletico past Leipzig
- Barca stumble at Monaco after early red card
- Raya heroics save Arsenal in Champions League opener at Atalanta
- Cathay Airbus engine fire linked to cleaning: EU regulator
- Guardians beat Twins to secure MLB playoff berth
- Jihadist attack in Mali capital killed more than 70: security sources
- Alonso hails 'efficient' Leverkusen after Feyenoord rout
- Head's hundred seals Australia win over England in 1st ODI
- Ex-Man United striker Anthony Martial joins AEK Athens
- NFL unbeatens meet as Texans visit Vikings, Steelers host Chargers
- Head's hundred seals Australia win over England in 1st ODI after Labuschagne strikes
- Dream debut for Wirtz as Leverkusen thump dire Feyenoord
- Myanmar flood death toll climbs to 293: state media
- Israel army says West Bank air strike kills 4 militants
- LIV golfers get green light for US Ryder Cup team, PGA Championship
- US accuses social media giants of 'vast surveillance'
- Ten Hag to bed Hojlund, Mount in carefully when they return for Man Utd
- Breaking bad as McIlroy endures 'weird' day
- EU chief announces $11 bn for nations hit by 'heartbreaking' floods
- Spanish PM, Palestinian leader urge Mideast de-escalation
- New study reinforces theory Covid emerged at Chinese market
- World Bank boosts climate financing by 10 percent
- Bagnaia eyeing summit on home ground in 100th MotoGP
- 'Something was wrong', defendant in French mass rape tells court
- Hezbollah chief admits 'unprecedented' blow in device blasts
- Sales of US existing homes slip slightly in August
- Fear, panic haunt Lebanese after devices explode
Oil nears $100 as West prepares Russian sanctions
Oil prices surged close to $100 per barrel Tuesday as major crude producer Russia prepared to send troops into two breakaway regions of Ukraine, sparking Western nations to ready economic sanctions against Moscow.
After heavy falls at the open, European stocks edged into positive territory, as the Kremlin said it remained open to all diplomatic contact over Ukraine.
Asian stock markets had earlier ended their sessions with heavy falls.
Brent North Sea crude oil reached $99.50 per barrel, the highest level in seven years.
At around 1115 GMT, it pulled back to just below $98, still a gain of around 2.5 percent compared with late Monday.
"The intensifying crisis between Russia and Ukraine has raised concerns about the supply disruptions that would ensue as sanctions look set to cripple Russia, the world's second largest oil exporter and the world's top natural gas producer," noted Victoria Scholar, head of investment at Interactive Investor.
German Chancellor Olaf Scholz said he was suspending the Nord Stream 2 pipeline project with Russia in response to Moscow's recognition of breakaway regions Donetsk and Lugansk.
Ukrainian President Volodymyr Zelensky had demanded an immediate halt to the project, set to pipe Russian natural gas to Germany via the Baltic Sea.
Zelensky said Russia must be punished for its recognition Monday of Ukraine's two separatist-held regions with "immediate sanctions" that include "the complete stop of Nord Stream 2".
It comes as the United States, Britain and the European Union prepared to launch economic sanctions on Russia.
"Our response will be in the form of sanctions, whose extent the ministers will decide," EU foreign policy chief Josep Borrell said.
Russia's recognition of the breakaway regions of Ukraine will meanwhile "strongly increase" economic uncertainty for the EU, the bloc's economy commissioner Paolo Gentiloni said.
Russian troops were believed to be deploying into Donetsk and Lugansk in eastern Ukraine, after Russian President Vladimir Putin issued decrees ordering his army to assume "peacekeeping" functions in the separatist territories.
- Oil surge -
The jump in oil prices is compounding worries about inflation around the world, with the US Federal Reserve coming under intense pressure to tighten monetary policy to prevent prices running out of control.
That has in turn battered equity markets in recent months, and the latest developments out of Europe led to another day of hefty selling on Tuesday.
Russia's MOEX index plunged eight percent at the open, having lost 10 percent Monday.
The ruble though recovered after sharp losses against the dollar.
Haven investment gold climbed past $1,900 an ounce before pulling back.
Away from the Ukraine crisis, German auto giant Volkswagen on Tuesday said it was drawing up plans to list its luxury brand Porsche as it looks to raise the funds for its move to electric vehicles.
In London, HSBC bank announced bumper 2021 profits and plans to repurchase shares worth up to $1 billion as the Asia-focused bank continues its recovery from the coronavirus pandemic and major restructuring.
- Key figures around 1115 GMT -
London - FTSE 100: UP 0.4 percent at 7,515.85 points
Frankfurt - DAX: FLAT at 14,731.73
Paris - CAC 40: UP 0.2 percent at 6,799.10
EURO STOXX 50: UP 0.2 percent at 3,993.82
Tokyo - Nikkei 225: DOWN 1.7 percent at 26,449.61 (close)
Hong Kong - Hang Seng Index: DOWN 2.7 percent at 23,520.00 (close)
Shanghai - Composite: DOWN 1.0 percent at 3,457.15 (close)
New York - Dow: Closed for a public holiday
Brent North Sea crude: UP 2.6 percent at $97.90 per barrel
West Texas Intermediate: UP 4.1 percent at $93.90 per barrel
Euro/dollar: UP at $1.1358 from $1.1337 late Monday
Pound/dollar: DOWN at $1.3575 from $1.3609
Euro/pound: UP at 83.68 pence from 83.33 pence
Dollar/yen: UP at 114.91 yen from 114.82 yen
J.Fankhauser--BTB