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Netanyahu meets Trump for tariff and Gaza talks
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Night at the museum: UK's National Gallery offering guest sleepover
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airBaltic CEO 'dismissed' from Latvian airline
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German police earn their stripes with zebra-loaded van stop
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'Bloodbath': Spooked Republicans warn Trump over US tariffs
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Trump vows huge new China tariffs as markets nosedive
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Belgian prince loses legal quest for social security
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Facing Trump's trade war, EU seeks to quell divisions
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France detains alleged Romanian royal wanted in home country
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Van Dijk reveals 'progress' in talks over new Liverpool contract
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Starmer unveils support for tariff-hit auto sector
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Clem Burke, drummer for Blondie, dies at 70
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Dortmund defender Schlotterbeck ruled out for season with injury
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Arteta says Arsenal can upset Real Madrid on 'biggest night' of career
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Bayern will not 'change goals' despite injury woes, says Kompany
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Inter captain Martinez fined 5,000 euros for blasphemy
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Netanyahu to plead with Trump for tariff break
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Arsenal's Saka says injury break 'really good' mentally
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EU funding of NGOs 'too opaque', auditors find amid political storm
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La Liga appeal decision allowing Barcelona's Olmo to play again
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JPMorgan Chase CEO warns tariffs will slow growth
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World sport-starved Moscow cheers Ovechkin NHL record
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Stocks sink again as Trump holds firm on tariffs
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Trump warns against 'stupid' panic as markets plummet
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Thousands of Afghans depart Pakistan under repatriation pressure
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Macron rejects any Hamas role in post-war Gaza
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Boeing settles to avoid civil trial over Ethiopian Airlines crash
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EU split on targeting US tech over Trump tariffs
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Russia, accused of stalling, wants answers before truce
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German climate activist faces expulsion from Austria after ban
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Southampton sack manager Juric after Premier League relegation
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Fowler hits the target as Matildas down South Korea
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Brook named new England white-ball cricket captain
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Honda executive resigns over 'inappropriate conduct'
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Stocks, oil prices sink further as Trump stands firm over tariffs
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'Alarming' microplastic pollution in Europe's great rivers
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Spurs boss Postecoglou glad of Johnson revival ahead of Europa quarter-final
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Major garment producer Bangladesh says US buyers halting orders
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Former Wales fly-half Biggar to retire at end of rugby season
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African players in Europe: Iwobi ends goal drought to help sink Reds
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The worst market crashes since 1929
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Japan emperor visits World War II battleground Iwo Jima
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'Everyone is losing money': Hong Kong investors rattled by market rout
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China vows to stay 'safe and promising land' for foreign investment
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Stocks savaged as China retaliation to Trump tariffs fans trade war
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Unification Church appeals Japan's decision to revoke legal status
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Belgian prince seeks social security on top of allowance
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European airlines hit turbulence over Western Sahara flights
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Boeing faces new civil trial over 2019 Ethiopian Airlines crash
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'Fear and anxiety': Bangkok residents seek quake-proof homes
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European equities slide, as oil drops off peaks
European stocks lost early gains while oil fell back Thursday after briefly flirting with $120 per barrel while natural gas touched another record peak as war raged on in Ukraine.
The euro sank to the lowest level against the pound since mid-2016, as the start of a second week in fighting triggered concerns over the eurozone's economic recovery from the coronavirus pandemic.
In commodities trading, Brent North Sea crude reached $119.84 per barrel, the highest level since early 2012, while WTI touched $116.57, last seen in 2008 -- but both gave up ground mid-session as their rally faded.
Europe's reference Dutch TTF gas price earlier surged to a record 199.99 euros per megawatt hour, before heading back under 170 euros in mid-afternoon trade.
Russia is a major oil and gas producer.
"Stock markets are back in the red again on Thursday, as we await further talks between delegations from Ukraine and Russia," said OANDA analyst Craig Erlam.
"Any rebounds we're seeing in risk appetite appear more driven by hope than reality and as we're seeing today, they're not lasting," added Erlam. With more sanctions on Russia in the offing, "I struggle to see market sentiment dramatically improving for the foreseeable future."
ActivTrades senior analyst Ricardo Evangelista noted supply side pressures could "soon extend to gas and oil exports and exacerbate the tightness felt in global markets."
Surging oil prices are playing a major role in sending global inflation to the highest levels in decades, forcing central banks to hike interest rates but the added fear of where the conflict in Ukraine is headed is futher battering sentiment.
Amid the volatility, "the focus remains firmly fixated on the situation in Ukraine and nothing else matters, it seems, for the markets," said Fawad Razaqzada, market analyst with ThinkMarkets.
Federal Reserve chief Jerome Powell on Wednesday said he was in favour of a moderate pace of rate increases, with a 25-basis-point lift this month as "near-term effects on the US economy of the invasion of Ukraine, the ongoing war, the sanctions, and of events to come, remain highly uncertain".
The comments soothed concerns that officials could announce an aggressive 50-basis-point lift.
The issue of Fed tightening has cast a pall over stock markets for months, bringing a near two-year rally to an abrupt end, with Ukraine compounding matters.
Analysts warned of market volatility for some time as fighting in Ukraine sent other commodities produced by Russia, including aluminium, to record highs.
Bloomberg's gauge of raw materials is closing in on the biggest weekly gain since at least 1960, the financial data provider said Thursday.
Widespread international sanctions against Russia threaten to put its economy on its knees, while Moody's and Fitch have slashed the country's credit rating to junk.
It comes as Russian companies are removed from international stock markets.
Elsewhere, the European single currency on Thursday slid at one point to 82.76 pence per euro, the lowest level since Britain voted in favour of Brexit.
The eurozone remains vulnerable to energy markets volatility because of its dependency on Russian oil and gas supplies.
- Key figures around 1650 GMT -
Brent North Sea crude: DOWN 0.5 percent at $112.42 per barrel
West Texas Intermediate: DOWN 0.8 percent at $109.76 per barrel
New York - Dow: DOWN 0.6 percent at 33,685.02 points
London - FTSE 100: DOWN 2.6 percent at 7,238.85 (close)
Frankfurt - DAX: DOWN 2.2 percent at 13,698.40 (close)
Paris - CAC 40: DOWN 1.8 percent at 6,378.37 (close)
EURO STOXX 50: DOWN 1.8 percent at 3,739.53
Tokyo - Nikkei 225: UP 0.7 percent at 26,577.27 (close)
Hong Kong - Hang Seng Index: UP 0.6 percent at 22,467.34 (close)
Shanghai - Composite: DOWN 0.1 percent at 3,481.11 (close)
Euro/dollar: DOWN at $1.1046 from $1.1126 late Wednesday
Pound/dollar: DOWN at $1.3337 from $1.3405
Euro/pound: DOWN at 82.82 pence from 82.95 pence
Dollar/yen: UP at 115.60 yen from 115.51 yen
burs-bcp/rfj/cdw/lc
M.King--AT