The worst may be still to come in the Russia-Ukraine energy crisis

Russia’s invasion of Ukraine has prompted fears of a disruption of oil and gas supplies to Europe, sending prices to new highs. Brent crude futures reached $105 per barrel in the immediate aftermath of the news before falling back; European natural gas prices jumped by as much as 25%.

Coming at a time of already tight supplies, the conflict is bound to maintain upward pressure on prices,…