Russia’s troop deployment to two breakaway regions of Ukraine threatens to extend Europe’s energy crisis, after Germany put a major natural-gas pipeline on hold and traders grew concerned Moscow would withhold gas in retaliation.
In Europe, natural-gas prices rose 10% to €80, equivalent to $91.65, per megawatt-hour, after the German announcement. Prices of oil—another big Russian export to Europe—rose 1.5%, with futures for Brent crude moving as high as $99.50 a barrel, their highest level since 2014. U.S. natural-gas prices also rose Tuesday, though the move was less pronounced than in Europe. Futures gained 1.5% to about $4.50 per million British thermal units. Prices for aluminum, nickel and wheat, all produced in large quantities in Russia or Ukraine, rose too.
