Crude futures jumped more than four percent with Brent North Sea, the international benchmark, exceeding $120 per barrel.
Moscow could face more sanctions as US President Joe Biden left Wednesday for Europe on a mission to bolster Western unity against Russia, though Europe has avoided an oil embargo so far. Gas prices rose after President Vladimir Putin announced that Russia will now only accept rubles for gas deliveries to"unfriendly countries", which include EU nations.
Europe's gas price reference Dutch TTF briefly rose past 130 euros per megawatt hour before falling back to 117 euros later in the day.
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