Stocks tumble, oil prices jump on Ukraine standoff

Stock prices plummeted while oil prices shot up on Monday as escalating tensions between Russia and the West after Russia bloodlessly seized a part of Ukraine. Kiev mobilized for war on Sunday after Russia declared its right to invade its neighbor, with their forces already controlling strategically important Crimea, an isolated Black Sea peninsula where Moscow has a naval base. The Group of Seven countries (G7) condemned Russia's move, cancelling for now preparations for the G8 summit that includes Russia and had been scheduled to take place in Sochi in June. U.S. stock futures fell 1.0 percent from a record high hit on Friday while Japan's Nikkei average tumbled 2.3 percent (.N225).

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