Natural gas prices in Europe rose to a record level, reaching 300 euros for the first time.
The US preparations to impose an embargo on Russian oil were the final blow to the energy market.
Due to the supply concerns created by the Russia-Ukraine war, the Dutch TTF 1-month natural gas prices climbed to 300 euros with an increase of more than 50 percent. Europe imports almost a third of the gas it consumes from Russia, and a significant part of the imported gas is transferred via Ukraine.
While US Secretary of State Antony Blinken announced that the Biden administration and its allies are considering the embargoes on Russian oil, concerns about energy prices, which have recently gained momentum due to the war, have increased.
The Biden administration could take the decision to ban Russian oil without European involvement.