Oil prices jumped almost 5% on Wednesday after plunging nearly 10% in the previous two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.

Russian gas flows to Europe via Ukraine fell by a quarter after Kyiv halted use of a major transit route blaming interference by occupying Russian forces.

It was the first time exports via Ukraine have been disrupted since the invasion. Brent crude rose $5.13, or 5%, to $107.59 a barrel by 1635 GMT.

US West Texas Intermediate crude climbed $5.68 to $105.44.

“I suspect the gas disruptions in Ukraine are having a steadily increasing impact,” said Jeffrey Halley, analyst at brokerage Oanda. 

Published in The Express Tribune, May 12th, 2022.

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