Oil jumps as Russia gas flow to Europe falls, EU Russian oil ban looms | Reuters
Oil prices jumped almost 5% on Wednesday after plunging nearly 10% in the last two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.
Russian gas flows to Europe via Ukraine fell by a quarter on Wednesday after Kyiv halted use of a major transit route blaming interference by occupying Russian forces. It was the first time exports via Ukraine have been disrupted since the invasion. read more
Brent crude rose $4.59 to $107.05 a barrel by 11:13 a.m. EDT (1543 GMT). U.S. West Texas Intermediate crude climbed $5.02 to $104.78.
"I suspect the gas disruptions in Ukraine are having a steadily increasing impact," said Jeffrey Halley, analyst at brokerage OANDA.
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