The Netherlands, Poland, Spain, France and Italy have been the top five destinations for Saudi oil in the region this year, all of which have also been regular buyers of Russian crude.

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

Currently, Rosatom fuel company TVEL supplies fuel for Loviisa’s two VVER 440 reactors.

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

China and India remain the main destination for Russian crudes in the wake of the Ukraine war, accounting for 58% of all seaborne Russian crude exports in October.

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.