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.
Brent crude futures, the global benchmark, increased nearly 6% to $110.90 per barrel at 5:30 a.m. ET. US oil futures traded with a slight discount at $109.30 per barrel. In Europe, the price of wholesale natural gas spiked 60% to a record high of €194 per megawatt hour. That's more than double where it stood last Friday.Russia's energy riches haven't been directly targeted by Western sanctions imposed following the invasion of Ukraine.
Investors are afraid that Russian energy exports will be limited or halted, either as a result of the conflict in Ukraine — a key pipeline route — or additional Western sanctions that could target the heart of Russia's economy."Russian oil is seeing buying interest evaporate," said Commerzbank analysts."The market appears to be increasingly pricing in an outage of Russian oil shipments," they added.
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