Oil and gas prices surge as Russia tensions mount – live updates

Oil and gas prices surge as Russia tensions mount – live updates

W e're now heading into the ninth consecutive week of gains for oil prices, which have rallied amid tight supplies and a strong rebound in demand following the pandemic. Russia tensions are adding even more fuel to the fire, with benchmark Brent crude up 1pc to more than $95 and West Texas Intermediate close behind at a new seven-year high. Traders are now betting on oil reaching $100 a barrel as early as this week. Howie Lee, an economist at Oversea Chinese Banking, said $100 was “in sight”, adding that a full-blown conflict between Russia and Ukraine may send crude well above that. He added: “Supply constraints have been the main driver for oil prices going to $100, even with demand staying at current levels.” Gary Ross, chief executive at Black Gold Investors, said $100 was “justified” based on inventory levels and spare capacity. T he turbulence in energy markets is being reflected in equities, too. Following on from losses in Asia, European stocks look like they're going to open in the red. The FTSE 100, which has a large exposure to energy and commodities stocks, is set to fall about 1pc. The pan-European Euro Stoxx 50 index could drop