The Dow Jones Industrial Average (DJI) is sporting triple-digit losses this afternoon, down nearly 590 points at the last check. Oil prices earlier soared to seven-year highs amid the Russia-Ukraine crisis, with West Texas Intermediate Crude (WTI) crossing the $104 mark. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are sharply lower as well, with financial stocks taking a hit.

Meanwhile, the Cboe Volatility Index (VIX) is pacing for its highest close since January 2021, as Russia enters its sixth day of invading Ukraine. While the energy sector is currently in focus, the effects of the invasion are spreading to commodities such as wheat, which hit its highest level since 2008.

Occidental Petroleum Corporation (NYSE: OXY) is seeing a bullish options surge today, as Wall Street weighs crude supply disruptions amid the Ukraine-Russia conflict. In addition, Susquehanna and MKM Partners each hiked their price targets to $52 and $50, respectively. So far, 72,000 calls and 31,000 puts have crossed the tape, with total volume running at triple the intraday average. The March 50 call is most popular, while the 3/4 47-strike call follows closely behind, with new positions being bought to open there. At last check, OXY is up 7.1% at $46.83, and earlier surged to its highest level since September 2019 to topple overhead pressure at its 60-month moving average.

Standing near the top of the New York Stock Exchange (NYSE) today, Oak Street Health Inc (NYSE: OSH) is up 25.5% at $21.98 at last check, following news that the company's fourth-quarter revenue beat Wall Street's expectations. OSH is now trading back above the 40-day moving average, a trendline that has pressured the shares lower since November. Year-to-date, OSH remains down nearly 34.3%, though.

Meanwhile, treading near the bottom of the NYSE is International Game Technology PLC (NYSE: IGT), last seen down 14.7% at $26.99. The gambling name is brushing off better-than-expected fourth-quarter earnings of 87 cents per share, as well as a revenue beat. Year-to-date, IGT is down 10.6%.