WTI slipped by 54 cents, or 0.72%, to $74.58 a barrel, Brent fell by 50 cents, or 0.62%, to $79.60.

LNG deliveries to Europe have helped ease an energy crisis this winter after Russian piped supply slumped.

Brent were up $1.49, or 1.9%, at $80.06 a barrel, WTI rose $1.43, or 1.9%, to $75.20.

Dutch front-month futures, the European benchmark, rose 4.3% to €72.50 a megawatt-hour at 8:55 a.m. in Amsterdam. The UK equivalent contract was 7.1% higher.

Brent was up $1.63, or 2.1%, to $79.47 a barrel, WTI gained $1.41, or 1.9%, to $74.25.

Russia said Dec. 28 it will ban crude supplies to countries that observe the G7's $60/b price cap from Feb. 1 for five months. The retaliatory move, which applies at all stages of supply to the final buyer, had been widely flagged by Russia and expected by the global oil market.

Dutch front-month futures, the European gas benchmark traded 2% higher at to €66.30 per megawatt-hour by 12 p.m. in Amsterdam. The UK equivalent contract also rose. German power for next month increased 2.3% to €166 per megawatt-hour.

Brent was up 22 cents, or 0.3%, at $84.14 a barrel, WTI gained 7 cents to $79.63.

Brent rose 8 cents, or 0.1%, to $80.07 per barrel, WTI fell 1 cent to $76.22.

Russia and Iran, under tremendous pressure from sanctions, are turning toward each other—and they’re both looking eastward, too.