Energy Prices Surge Amid Ukraine Crisis

Energy Prices Surge Amid Ukraine Crisis

Energy prices surged after Russian President Vladimir Putin signed an order to send what he called “peacekeeping forces” to the two breakaway areas of Ukraine that he officially recognized on Monday.



European natural gas led the gains with as much as 13% rise, helped higher by Germany halting the approval process of the controversial Nord Stream 2 pipeline. Brent oil closed in on $100 a barrel, and power and coal prices rose. Moscow’s move is a dramatic escalation in the standoff, with the U.K. responding by sanctioning five Russian banks and the European Union planning to restrict access to its financial markets. The U.S. said it plans to announce new restrictions as soon as Tuesday.











Read more: Fear Of War Grips Europe As Russia Orders Troops Into Ukraine



There were no details on how many troops might go in, or when, but a conflict could threaten Russian energy supplies. The country is the biggest provider of gas to Europe, about a third of which typically travel through pipelines crossing Ukraine, and a major exporter of everything from crude oil to refined products.



Sanctions could also disrupt energy flows, with any curbs to Russia’s ability