tokyo the price of oil jumped more than 10 a barrel and asian markets were sharply lower monday as the conflict in ukraine deepened amid mounting calls for harsher sanctions against russia brent crude oil brnk22 surged over 10 early monday benchmark us crude clj22 was up nearly 9 at more than 124 a barrel higher fuel costs are devastating for japan which imports almost all its energy japan’s benchmark nikkei 225 nik dipped 32 in morning trading hong kong’s hang seng hsi dropped 33 while south korea’s kospi 180721 dived 24 australia’s spasx 200 xjo shed 1 while the shanghai composite shcomp lost 15 benchmark indexes in singapore sti  taiwan y9999 and indonesia jakidx fell “the ukrainerussia conflict will continue to dominate market sentiments and no signs of conflict resolution thus far may likely put a cap on risk sentiments into the new week” said yeap jun rong market strategist at ig in singapore “it should be clear by now that economic sanctions will not deter any aggression from the russians but will serve more as a punitive measure at the expense of implication on global economic growth elevated oil prices may pose a threat to firms’ margins and consumer spending outlook” the crude surge followed a warning from russian president vladimir putin that ukrainian statehood was imperiled as russian forces battered strategic locations a temporary ceasefire in two ukrainian cities failed over the weekend and both sides blamed each other oil prices came under additional pressure after libya’s national oil company said an armed group had shut down two crucial oil fields the move caused the country’s daily oil output to drop by 330000 us house of representatives speaker nancy pelosi meanwhile said the house was exploring legislation to further isolate russia from the global economy including banning the import of its oil and energy products into the us us futures fell with the contract for the benchmark sp 500 es00 down 16 and that for the dow industrials ym00 falling 13 markets worldwide have swung wildly recently on worries about how high prices for oil wheat and other commodities produced in the region will go because of russia’s invasion inflaming the world’s already high inflation russian forces intensified shelling of cities in ukraine’s center north and south according to a ukrainian official as a second attempt to evacuate civilians collapsed russia has made significant advances in southern ukraine and along the coast although many of its efforts have stalled including an immense military convoy north of kyiv companies have been exiting russia including mastercard ma and visa v  as well as netflix nflx  the conflict in ukraine also threatens the food supply in some regions including europe africa and asia which rely on the vast fertile farmlands of the black sea region known as the “breadbasket of the world” wall street finished last week with shares falling despite a much stronger report on us jobs than economists expected the sp 500 spx fell 08 to 432887 posting its third weekly loss in the last four it is now down just under 10 from its record set early this year the dow djia initially fell more than 500 points friday it closed 05 lower at 3361480 the nasdaq comp fell 17 to 1331344 in currency trading the us dollar usdjpy edged up to 11493 japanese yen from 11486 yen