Sign up for GZERO Media's global politics newsletter

{{ subpage.title }}

A worker turns a valve at a Russian oil field near the Ural Mountains.

REUTERS/Sergei Karpukhin

The worst may be yet to come in Russia-Ukraine energy crisis

Russia’s invasion of Ukraine has prompted fears of a disruption of oil and gas supplies to Europe, sending prices to new highs. Brent crude futures reached $105 per barrel in the immediate aftermath of the news before falling back; European natural gas prices jumped by as much as 25%.

Coming at a time of already tight supplies, the conflict is bound to maintain upward pressure on prices, unless it becomes clear that Russian exports will not be interrupted. The impact will be felt directly by US consumers and others, and it will contribute further to already-high inflation.

Read Now Show less

Subscribe to GZERO Media's newsletter, Signal

Latest