Gas prices surged more than 35% on Monday as traders reacted to Russia’s decision to keep its main gas pipeline shut indefinitely.

Europe and North America are sanctioning the Russian economy, including its energy exports, while Russia is retaliating by cutting key resources, in particular natural gas flows to Europe. This is massively disruptive

That should help to make future decision making easier. But it is not going to help keep us warm this winter or indeed even in winter 2024.

Brent settled down $3.28 at $92.36 a barrel, WTI fell $2.94, or 3.3%, to $86.61 per barrel.

Brent fell $2.10, or 2.2%, to $93.54 a barrel, WTI slid $1.86, or 2.1%, to $87.69 a barrel.

Brent climbed 89 cents, or 0.9%, to $100.20 a barrel, WTI jumped 82 cents, or 0.9%, to $92.46 a barrel

Asked if there are guarantees that Gazprom will restart gas flows via Nord Stream 1, the Kremlin's Peskov said: "There are guarantees that, apart from technological problems caused by sanctions, nothing hinders the supplies."

A three-day halt of the Nord Stream pipeline -- a key source of natural gas for the European Union -- starts on Wednesday, and concerns are widespread that Moscow will find another excuse to clamp down on supplies, putting the region at the mercy of the weather.

Brent dropped 56 cents, or 0.5%, to $104.53 a barrel, WTI was at $96.86 a barrel, down 14 cents,

West Texas Intermediate was steady near $97 a barrel after jumping 4.2% in the week’s opening session amid concerns about the potential for supply interruptions in Libya