Crude oil burst above $105 a barrel for the first time since 2014 on Thursday while the price of natural gas in Europe jumped more than 30 per cent after Russia attacked Ukraine.
Fears that a war could disrupt global energy supplies sent Brent jumping more than 9 per cent to $105.79 a barrel as futures linked to TTF, Europe’s wholesale gas price, surged 50 per cent to €126 per megawatt hour. The European gas price has jumped from just €16 a year ago.
Russia is a key producer of raw materials, with Europe relying on the nation for about a quarter of its oil and more than a third of its gas. It also the world’s biggest supplier of wheat.
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