Oil prices jumped above $100 per barrel for the first time since 2014 and European gas prices surged after Russia invaded Ukraine.
A protest in front of the Brandenburg Gate in Berlin on Thursday. Photo: John Macdougall/AFP via Getty Images
Already high natural gas prices in Europe, which relies on Russia for about 40% of its gas imports, soared, too, with futures climbing around 40% on the Dutch TTF exchange.Beyond the tragic human toll of the Russian invasion, higher energy prices — especially amid wider inflation — will touch everything from the cost of goods as industries pay more for commodities to U.S. drivers' wallets as pump prices climb.1. Physical supplies.
The crisis is also underscoring the ability of the U.S. to use liquefied natural gas exports as a geo-strategic tool. And as Axios' Hans NicholsThe surging oil prices could also put new pressure on the Biden administration to loosen its posture on domestic oil-and-gas lease sales.Russia has a formidable cyberwarfare capability. It could be difficult to contain its cyberattacks, including those against energy infrastructure, to Ukraine. Deliberate moves against the West are possible.
But their analytics unit does not expect sanctions that will significantly curtail supplies, or that Russia will hold back large volumes, the story adds.
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