Julia Payne

Russia's Gazprom has declared force majeure on gas supplies to Europe to at least one major customer, according to a letter from Gazprom that will add to European fears of fuel shortages.

Russia's Gazprom has told customers in Europe it cannot guarantee gas supplies because of 'extraordinary' circumstances, according to a letter seen by Reuters, upping the ante in an economic tit-for-tat with the West over Moscow's invasion of Ukraine.

Russia's Gazprom has told customers in Europe it cannot guarantee gas supplies because of "extraordinary" circumstances, according to a letter seen by Reuters, upping the ante in an economic tit-for-tat with the West over Moscow's invasion of Ukraine.

Oil prices fell on Thursday as investors focused on the prospect of a large U.S. rate hike that could stem inflation but at the same time hit oil demand.

Oil prices fell more than $4 on Thursday as investors focused on the prospect of a large U.S.

Saudi Aramco is planning to merge two energy trading units, people familiar with the matter said, with Aramco Trading Co (ATC) due to absorb Motiva Trading ahead of a potential initial public offering of the business.

Nigeria had to buy emergency supplies of Canadian potash in April after the country was unable to import the key fertilizer from Russia due to the impact of Western sanctions, the head of Nigeria's sovereign investment authority NSIA said.

Commodities traders such as Trafigura and Vitol have helped keep Russia's oil flowing through its Baltic and Black Sea ports in March, when some Western firms started to snub the market, according to ship tracking, traders and shipping sources.

Energy and commodity markets are in shock after Russia's invasion of Ukraine, the world's top trading firms said on Tuesday, warning of gas and diesel shortages in Europe and economic recession if Russian flows fall further.

A $40 a barrel rise and fall in oil prices in March pushed many investors to exit the volatile trade and created the conditions for more wild price swings in the weeks ahead, traders, bankers and analysts said.

A $40 a barrel rise and fall in oil prices in March pushed many investors to exit the volatile trade and created the conditions for more wild price swings in the weeks ahead, traders, bankers and analysts said.

Soaring prices of commodities from oil to wheat in the wake of Russia's invasion of Ukraine could cost the global economy the equivalent of at least 4% of gross domestic product, commodities trading major Trafigura said on Wednesday.

Oil prices surged over 7% on Tuesday to their highest since 2014, as a global agreement to release crude reserves failed to calm fears about supply disruptions from Russia's invasion of Ukraine.

Oil prices surged 8% on Tuesday as talks about a coordinated global crude stocks release failed to calm fears about supply disruptions from the Ukraine crisis and sanctions against Russia.

Oil prices surged on Tuesday as concerns over supply disruptions after Russia's invasion of Ukraine and related sanctions outweighed talks of a coordinated global crude stocks release.

A London court will on Wednesday begin to hear a lawsuit launched by Nigeria against U.S.

A London high court began to hear a lawsuit on Wednesday launched by Nigeria against U.S.

Exxon Mobil is injecting new cash into oil trading in Europe after a retreat on its ambitious expansion plans last year, three people with knowledge of the matter said.

The world’s biggest oil traders are counting hefty losses after a surprise doubling in the price discount of U.S. light crude to benchmark Brent WTCLc1-LCOc1 in just a month, as surging U.S production upends the market.