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The stock market plunged on Tuesday—with the Dow Jones Industrial Average falling roughly 600 points, while oil prices surged to new seven-year highs as Russia escalated its attacks on several Ukrainian cities and a huge military convoy closed in on the capital city of Kyiv .


The Dow Jones Industrial Average fell 1.8%, around 600 points, while the S&P 500 lost 1.6% and the tech-heavy Nasdaq Composite 1.6%.

Stocks declined sharply on Tuesday as heavy fighting continued in Ukraine, with Russia scaling up its bombardments of several cities and sending a vast military convoy that stretches over 40 miles to close in on the capital city of Kyiv.

While officials from both sides met for talks on Monday, Ukrainian President Volodymyr Zelensky said on Tuesday that Russia must stop bombing Ukrainian cities before additional ceasefire negotiations can take place.

Energy prices surged higher amid the ongoing conflict: US oil benchmark West Texas Intermediate crude jumped nearly 10% to over $104 per barrel on Tuesday, its highest level since July 2014, while international benchmark Brent crude gained 8.4% to trade at $106 per barrel.

The United States and Western allies have unleashed severe economic sanctions against Russia for its military aggression, but most countries (with the exception of Canada) have stopped so far short of targeting the country’s energy industry.

Ongoing uncertainty around Western sanctions on Russia also pushed financial stocks lower, with shares of Bank of America falling 5%, Wells Fargo 6% and Charles Schwab over 9%.