- Markets in turmoil as oil prices soar to seven-year highs, gas prices jump 40%
- Russian stocks crash 50% in early trading
- Bank of Russia to intervene as rouble crashes to record low
- London-listed Russian companies plummet
- Aluminium prices hit record high; gold and palladium jump
- Market summary
- Russia-Ukraine crisis live news
Gas and oil prices are surging. The British day ahead gas contract has jumped 39% to 278p per therm.
Brent crude is 6.6% higher at $103.21 a barrel, the highest since August 2014, while US light crude has jumped 6.2%% to $97.75 a barrel.
Russia’s announcement of a special military operation into Ukraine has pushed Brent [above] the $100 per barrel mark.
This growing uncertainty during a time when the oil market is already tight does leave it vulnerable, and so prices are likely to remain volatile and elevated.
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