Benchmark gas futures settled 9.2% higher, following an increase of 16% on Monday. Freeport LNG in Texas will likely extend an outage that began in June, increasing global competition for much-needed supplies right before the winter.

Brent were down 32 cents, or 0.3%, to $95.67 a barrel, WTI fell 39 cents, or 0.4%, to $88.57 a barrel.

Brent rose $2.39, or 2.6%, to $96.06 a barrel, WTI gained $2.24, or 2.6%, to $88.71 a barrel.

Brent fell 9 cents, or 0.1%, to $95.27 a barrel, WTI fell 20 cents, or 0.2%, to $88.71 a barrel.

Brent dropped $1.24 or 1.26% to trade at $97.33 a barrel, WTI was at $91.17 a barrel, down $1.44.

The US reaction to the Saudi-led decision was swift. President Joe Biden has warned of "consequences," and the country has announced more releases of crude from its strategic reserves.

Risks over existing gas supplies from Russia will continue through the coming months, with just one pipeline route open to the biggest European customers.

Brent dropped 85 cents, or 0.9%, to $95.30 a barrel, WTI fell $1.01, or 1.1%, to $88.99.

Currently, the most expensive form of generation -- gas -- sets the price for all electricity that’s sold into the market. That means consumers are bearing the brunt of Russia’s supply cuts to the continent. It also means Europe isn’t feeling much of the benefit of low-cost renewables like wind farms, which get to sell at big margins.

Brent rose 54 cents, or 0.6%, to $95.19 a barrel, WTI rose 72 cents, or 0.8%, to $89.09 a barrel.