Gas and oil prices soar and petrol could be next: Ukraine crisis shocks world markets amid fears Russia’s energy resources will be hit by trade sanctions
By SEAN POULTER and RAY MASSEY
4 March 2014
Wholesale gas prices rose the most in two years yesterday as markets reacted to the crisis in Ukraine.
Fears that supplies to western Europe could be affected saw the price surge by 10 per cent at one point.
The cost of crude oil also rose – driven by fears that Russia, which is a major producer, might be hit by trade sanctions.
The turmoil spilled over into stockmarkets, with big falls in share prices in London and New York.