SYDNEY, AAP – Investors chased oil and gold stocks and sent the Australian share market lower as Russian troops entered Ukraine and put Europe on the brink of war.

Brent crude on Tuesday fetched its highest price since 2014 ($US97.66) after Russia defied European and US leaders’ requests not to invade its neighbour.

Energy shares were best on the ASX and rose one per cent.

Gold miners were also popular but most of the market dragged.

The benchmark S&P/ASX200 index closed down 72.3 points, or 1.0 per cent, to 7161.3 points.

The index is about 471 points below its record high in August, 7632.8 points.

The All Ordinaries index closed lower by 84.8 points, or 1.13 per cent, to 7422.2 points.

The Australian dollar was buying 72.01 US cents at 1622 AEDT, higher than 72.00 US cents at Monday’s close.