The cost of natural gas has hit a UK record while Brent crude oil has surged to its highest level since 2008 after the United States said a boycott of Russian energy imports was being considered, as a further sanction, following president Putin’s invasion of Ukraine.
The international oil benchmark passed $139 a barrel early on Monday – with its US counterpart also rising sharply – before settling back to 10% up on the day, at just below $130.
The upwards shifts followed comments by US secretary of state Antony Blinken that his country and European allies were discussing a block on oil and associated products from Russia – the world’s third-largest crude producer.
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Such a move would be aimed at disrupting crucial state income – on top of wide-ranging sanctions already announced amid no sign that measures to date have forced Russia to alter course.
The development also placed further pressure on European natural gas prices when markets opened, with the UK contract for next month delivery rising more than…
