U.S. stock futures were down drastically Thursday morning before the bell, with the Nasdaq Futures down as much as 3.41% as of 8:47 a.m. EST, S&P Futures down 2.74% and the Dow Futures down 2.56% (846 points).

Crude oil was up 8.18% to $99.63 a barrel, after topping $100 a barrel for the first time since 2014.

Global markets plunged after President Vladimir Putin attacked Ukraine. London's FTSE fell 3%, while France's CAC 40 lost 4.6% and Germany's DAX 30 suffered a 5% loss.

The Russian ruble briefly lost 10% of its value, reaching a record low of 90 against the U.S. dollar.