Oil, natural-gas and grain prices jumped as a broadside of Western sanctions on Russia over the weekend threatened to ensnare its commodities exports
European energy ministers are due to discuss steps to maintain energy supplies while war wages on eastern flank
Russia’s attack on Ukraine helped push the price of oil to over $100 a barrel for the first time since 2014. Here’s how rising oil costs could further boost inflation across the U.S. economy. Photo illustration: Todd JohnsonOil, natural-gas and grain prices jumped as a broadside of sanctions on Russia over the weekend threatened to ensnare commodities exports from the resource-rich nation.
Futures for Brent crude, the benchmark in international oil markets, rose 4.9% to $98.73 a barrel in London trading Monday. Earlier, Brent rose as high as $101.28 a barrel. Natural-gas prices leapt 15% in Europe, has been thrown into sharp relief. U.S. gas prices rose 3.4% to $4.64 per million British thermal units.
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