Natural gas prices in Europe and the United Kingdom soared to record highs Monday on supply fears, as the European Union and United States mull sanctions on Russian energy.
Europe gas reference Dutch TTF rocketed more than 60% to 345 euros ($374) per megawatt hour and U.K. gas hit 800 pence (1,054 cents) per therm.
Brent North Sea crude oil surged close to $140 per barrel, nearing a 14-year high.
U.S. Secretary of State Antony Blinken said the White House and allies were in talks about banning energy imports from Russia following its invasion of Ukraine.
Russia is a leading supplier of natural gas and is also one of the world's biggest crude producers.
On Monday, state-owned energy firm Gazprom said Russia is continuing to supply natural gas to Europe through its transit pipelines in Ukraine.
At the beginning of the week gas deliveries remained high, the company said.
On Monday, a total of 109.6 million cubic meters of gas was due to be delivered to Europe, Gazprom spokesperson Sergei Kupriyanov told the Interfax news agency.
On Sunday, the figure was 109.5 million cubic meters. Kupriyanov added that the quantity of gas delivered was "in line with the requirements of European consumers."
