The latest surge in oil and gas prices as the west responds to Russia’s invasion of Ukraine is threatening a sharp rise in costs for European industry, severely hurting sectors from steel and aluminium to fertilisers and transport.
Brent crude jumped to a 14-year high of $139 in Monday trading while European gas soared almost 80 per cent to a new record after the US said it was considering a ban on Russian oil imports.
That means yet more pain for airlines, shipping companies, carmakers and other energy-intensive industries, which had already called on governments to address “unbearably high energy prices” before the current crisis.
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