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

European natural gas prices on Monday plunged the most since March after Germany said its gas stores are filling up faster than planned.

Europe’s benchmark electricity price has risen to 10 times its decade-long average, in line with a 14-fold increase in the cost of gas, amid fears of shortages this winter.

With Russia squeezing gas deliveries and power-plant outages further sapping supply, pressure is growing on EU leaders to act quickly or risk social unrest and political upheaval.

Bern has been working to build up Switzerland's energy production and storage systems, but even the grand opening next month of a new, powerful pumped-storage hydroelectric plant is unlikely to help avoid problems this winter.

Japan's biggest city gas supplier Tokyo Gas Co Ltd has signed a long-term contract with a new Russian operator of Sakhalin-2 energy project to buy liquefied natural gas (LNG), a spokesperson for the Japanese company said on Tuesday.

Brent rose 65 cents, or 0.6%, to $101.64 a barrel, WTI was up $1.22, or 1.3%, at $94.28

Benchmark Dutch front-month futures fell as much as 16%, partly reversing last week’s jump of almost 40%.

The transformation of the electricity system is buoyed by three key megatrends: decarbonization, decentralization, and digitalization. Together, these primary trends, the so-called ‘3Ds’, are ushering in a new era of the electricity system by converging to produce game-changing disruptions and fundamentally reshaping the electricity system.

"Today, the Paks II NPP project is taking another leap forward," said Hungary's Minister of Foreign Affairs and Trade Péter Szijjártó. "The construction licence confirms that the project complies with the international and Hungarian safety requirements. It is entirely feasible that Hungary will have two new power units by 2030, thus ensuring the stability of energy supply."