SINGAPORE (Reuters – Oil jumped 7 years, safe-havens rallied, and U.S. stocks futures plunged Tuesday. Europe’s eastern flank is on edge of war following orders from Russian President Vladimir Putin to send troops into the eastern Ukraine.

Futures rose by 4% to $97.35, which is their highest point since September 2014, while Nasdaq futures declined 2.7%.

European Equities fell by 1.3% overnight to an all-time low of four months, and the Russian rouble sank while Russia’s MOEX equity indicator dropped 10.5%.

U.S. markets closed on Monday for holiday. Australia’s lost 1.3% in the early stages of trade.

Putin declared two regions of eastern Ukraine independent Monday and directed the Russian military to conduct what Moscow called an operation for peacekeeping in the region. This was a significant step in a situation that could lead to a war.

Ray Attrill, NAB’s head of foreign currency strategy, stated that “In these circumstances risk metrics are driving force.”

Currency trade saw the safe-haven currency yen rise 0.2% in Asia, to close to three weeks highs of 114.50 a dollar. The euro lost 0.1% and fell to $1.1296 for the week. Meanwhile, the Russian rouble dropped to $80.289 per US dollar.

Although it was unclear whether Russia’s military move was the beginning of an attack on Ukraine, which the United States has warned of for many weeks, the United States as well as its allies are concerned about. The size and mission of the Russian force that Putin sent was unknown.

According to the White House, U.S. President Joe Biden issued an executive order that prohibits trade and investments between U.S. citizens and breakaway areas of east Ukraine.

Britain pledged to impose sanctions against Russia. It warned that Russia could invade Ukraine.

U.S. Treasury yields were driven lower by nervousness. The benchmark 10-year Treasury yields declined 5.5 basis point (bp), to 1.8715%. The odds of the Federal Reserve hiking rates next month by 50 basis points (bp) fell to 1-in-5.