Oil prices are rising as Russia intensifies its onslaught in Ukraine.
Brent-crude futures, the global benchmark, climbed 5.9% on Tuesday, to $103.75 a barrel. West Texas Intermediate, the U.S. benchmark, rose 5.2%, to $100.77 a barrel. Natural-gas prices jumped 12% in Europe, to 110.37 euros a megawatt-hour.
The war has raised questions about Russia's status as a reliable supplier of oil and gas to consumers around the world. Russia is a major oil producer and the biggest exporter of gas.
The biggest risk to supplies to Western buyers lies in Ukraine itself, home to pipelines through which about a third of Russian gas exports to Europe flow. The company that operates Ukraine's pipes said in a tweet Tuesday that there was no significant damage to the pipeline system. The company said it had shut down two gas-distribution stations in areas where there is fighting to prevent gas leaks.
In total, five out of 1,389 distribution centers are temporarily disabled, the Gas Transmission System Operator of Ukraine said.
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March 01, 2022 at 10:32PM
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Oil, Natural-Gas Prices Rise as Fighting Intensifies in Ukraine - The Wall Street Journal
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