Brent Crude: Oil Rose above $105 per barrel on Wednesday, extending gains in the previous session, after Russia said it would cut natural gas supply to Poland and Bulgaria from Wednesday.
Escalating an energy crisis at a time the EU is considering a ban on Russian crude imports.
The move was made after both countries refused President Vladimir Putin’s demand to pay for Russian gas imports in rubles.
Last week, the European Commission said EU companies may be able to work around Russia’s demand without breaching sanctions.
The market has been gripped by heightened volatility since Russia’s invasion of Ukraine in late February, with the US and UK imposing a ban on Russian oil imports, while the EU struggled for consensus on similar measures.
Meanwhile, the Covid situation in China continued to weigh on the markets amid fears that Beijing may join Shanghai into lockdowns, clouding the outlook further for global growth and fuel demand