Benchmark futures increased as much as 6.5%, after settling 6.8% higher on Monday.

Hungarian foreign minister Peter Szijjarto had traveled to Moscow in late July in an attempt to secure 0.7 Bcm of gas from Russia in addition to the 4.5 Bcm/year of gas it contracted to buy in September 2021.

The production site will create 300 new jobs and is expected to produce uranium for "several decades", ARMZ said.

Brent fell $1.14, or 1.2%, to $97.01 a barrel, WTI was at $91.03 a barrel, down $1.06, or 1.2%.

The price of OPEC basket of thirteen crudes stood at $103.20 a barrel

When Russia invaded Ukraine in March, things went from tightness of supply to impending disaster. Russia, through a complex network of pipelines, is the principal supplier of natural gas to Europe and all petroleum products to Germany. Now it has curtailed normal flows.

Berlin is already under serious pressure after Russia cut flows through Nord Stream 1, the key connector with Europe, which is currently running at just 20 per cent capacity.

"Russia needs official confirmation that this and other turbines, which require routine maintenance and repair, will not fall under the sanctions of the EU, Canada and the UK," it said.

“We are working together with Rosatom to successfully complete the implementation of the first and second stages of construction. The constructed facilities have advanced high-tech equipment,” said Ortesia Jimenez.

The Saudi Arabian Oil Company (“Aramco” or “the Company”) announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income