Brent advanced by $2.45, or 2.6%, to $95.47 a barrel, WTI was up $2.13, or 2.5%, at $89.

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.

China imported six LNG cargoes of about 71,000 mt each from Russia's Yamal LNG terminal and three cargoes of about 62,000 mt each from the Sakhalin LNG terminal,

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

The length of the barge under construction in China will be 140 metres and the width 30 metres. The weight of the hull without equipment will be 9,549 tons and with equipment 19,088 tons. It is planned that the hull will be delivered to Russia by the end of 2023 for the completion and installation of the reactors and other equipment.

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

India has emerged as a key buyer of Russian energy in the wake of the invasion, scooping up millions of barrels of discounted crude shunned by Europe and the US.

The EU’s energy agency, Acer, has warned against tearing up the market structure. In a report in April, it said that the EU’s wholesale electricity markets work well under normal conditions, ensuring secure electricity supply.