Impact of Russia vs Ukraine war, European gas prices soar to record highs

LONDON, KOMPAS.com – The impact of the war between Russia and Ukraine is starting to be felt, with European gas prices soared to record highs, up about 50 percent on Wednesday (2/3/2022).

The price of Dutch TTF gas, which is the European reference, for example, reached 194,715 euros (Rp 2.8 million) per megawatt-hour in morning transactions.

British gas prices also jumped as high as 463.84 pence (approximately IDR 37,174.1 pound = 240 pence) per term, close to the record 470.83 pence (approximately IDR 37,751) hit in December 2021.

Also read: UN Resolution Condemning Russia’s Invasion of Ukraine Gets Great Support, China Abstains Again, 5 Against

Russian War vs Ukraine also made oil prices skyrocket on Wednesday (2/3/2022) because Russia is also one of the world’s largest crude oil producers.

European benchmark Brent North Sea earlier soared to $113.02 a barrel, its highest level since 2014.

New York-traded WTI peaked at 111.50 US dollars (Rp 2.14 million), a level last reached in 2013.

Sellers will await the outcome of a meeting of OPEC and other major producers, including Russia, on Wednesday.

The meeting will discuss whether to increase production to curb rising prices, which also boost inflation.

Impact of War Russia vs Ukraine also triggered sharp swings in global stock markets over the past week.

Also read: Russia Begins to Feel Severe Impact of Sanctions and Boycott on Attack on Ukraine

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