Global crude oil prices surged to more than $110 per barrel and the cost of natural gas skyrocketed to a new record in Europe on Wednesday as Russia’s escalating military campaign in Ukraine stoked fear in markets about a supply shock.
Brent crude futures, the global benchmark, jumped nearly 7% to $111 per barrel at 7:10 a.m. ET. US oil futures also gained more than 6% to trade at $109.75 per barrel. In Europe, the price of wholesale natural gas spiked 60% to a record high of €194 ($215) per megawatt hour. That’s more than double where it stood last Friday.
“The market panic is here,” said Louise Dickson, senior oil market analyst at Rystad Energy. “The initial upward price reaction after the conflict in Ukraine started six days ago is only intensifying.”
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