As per the data shared by the officials, the issues in Ukraine has made the cost of energy increase all over Europe.
Along with this, the European commodities traders now fear that other relations with Moscow are getting worse gradually, which could further infect the whole energy market following the higher price of gas in the time of winters.
On Wednesday, 2 March, Brent futures has topped around $110 a barrel instead of 31 nations that have made the agreement release 60 million barrels of oils from their reserves to satisfy supply.
Russia is the world’s third-largest exporter of crude oil. The relations with the European Union break down, there are fears that the government of the United States may end the imports of oil from Russia soon, which will further disrupt the international energy market.
Moreover, the severance of Russia from the International payment system SWIFT is hampering its ability to export essential commodities, including oil and gas.
In addition, it caused a blowback effect in the West, rallying the global oil prices.
On Thursday, the cost of natural gas has similarly increased at the peak at €194 per megawatt-hour, which is 60 per cent which is higher than on Tuesday.
There are fears that Russia could seek to shut Europe off from the supplies of the gas.
Meanwhile, Europe is continuously attempting to diversify its import related to natural gases and developing its “Southern Gas Corridor” to bring gas to the European Union from the Caspian Basin, Central Asia, Middle East, and the Eastern Mediterranean Basic.
Europe is heavily reliant on imports of Russian gas, which is hitherto accounted for 40 percent of its natural gas supply. In disturbance will put Europe’s energy supply into a severe issue and direct strain.