Oil and gas price surge

Oil and gas prices have surged, fueled by conflict in the Ukraine and threats of sanctions on Russian oil & gas. This is being felt most acutely in Europe, though American consumers are experiencing higher prices at the pump.

The price per barrel for Brent crude briefly touched $139 but has since fallen back to around $120 at the time of writing. These are close to all-time records. Natural gas (Henry Hub) prices were up, too. 4.39 per MMBtu is double what it was about two years ago and is in the highest range since around 2014.