Oil price Latest Update: As it transpired, the price of oil jumped to about $114 and natural gas prices soared to new highs.

Another day of violent swings in commodities markets, primarily in commodity markets, has passed us by. Fears that Russia’s invasion of Ukraine will disrupt both nations’ supply have pushed up oil and gas prices. The April gas contract in the Netherlands has reached a new high of €185 per megawatt hour. The price of British wholesale gas has risen by 35% to 390.79p per therm, close to the all-time high of 450p. The Dax in Germany ended the day 95 points higher at 14,000, up 0.7 percent.

In Moscow, the Russian rouble hit a fresh record low of 110 per dollar. Due to a loophole in the government’s prohibition enacted in reaction to Vladimir Putin’s invasion of Ukraine, a cargo of Russian oil is its route to a British port. Dockers in the United Kingdom have pledged not to unload ships carrying Russian oil and gas.