Energy Library

Russia’s invasion of Ukraine caused a surge in energy prices on Thursday, adding to worries over tight supplies and raising fresh questions about the flows of oil and gas from Russia into Europe in the months ahead.

Brent crude broke through the $100-a-barrel marker after the attack, surging as much as 6 percent to more than $105 a barrel, its highest point in more than seven years. West Texas Intermediate crude briefly rose above $100 a barrel.

But oil prices stabilized somewhat, falling below $95 a barrel, after President Biden said the United States was working with other countries to coordinate the release of supplies from strategic petroleum reserves.

Mr. Biden acknowledged that the invasion of Ukraine could be felt in higher gasoline prices in the United States. “My administration is using every tool at its disposal to protect American families and businesses from rising prices at the gas pump, taking active steps to bring down the costs,” he said.

The flow of natural gas in Europe is more likely to be disrupted by conflict in Ukraine than the flow of oil, analysts say. The price of natural gas jumped almost 19 percent to 105.6 euros a megawatt-hour on the TTF exchange in the Netherlands.