Uncertainty over the impact of economic sanctions imposed after Russia’s invasion of Ukraine whipsawed stock markets on Wednesday and caused oil and European natural gas prices to soar. S&P 500 futures were pointing to a positive start after closing 1.6 percent lower on Tuesday.
Oil prices continued their steady advance. Brent crude, the global benchmark, was up more than 6 percent and touched $113 a barrel. In early December, it was about $65 a barrel. West Texas Intermediate, the gauge followed widely in the United States, rose to its highest point in a decade at more than $111 a barrel.
Later on Wednesday OPEC and other oil producers, including Russia, will meet to consider raising output.
And European natural gas futures soared, spiking 60 percent higher at one point before easing to about 160 euros a megawatt-hour, a rise of about 30 percent. The European natural gas market is especially volatile because Russia is a major supplier, providing more than one-third of the European Union’s gas.
The sharp jump in energy prices did not appear to be tied to crimped supplies from Russia — data from Ukraine’s national gas transmission operator showed normal operations, for example — but concerns among market participants that contracts with Russian suppliers of gas and oil could prompt penalties under Western sanctions, despite efforts shield energy business from the penalties.
Stocks sunk broadly in Asia, with the Hang Seng in Hong Kong closing 1.8 percent lower. Sentiment brightened in Europe, where markets reversed an early decline. The Stoxx Europe 600 was 0.6 percent higher and the DAX index in Germany also gained 0.6 percent.
The Russian stock market was closed on Wednesday, for the third consecutive day. And Sberbank Europe, the European unit of Russia’s largest retail bank, was ordered shut by the European Central Bank, which had warned two days ago that the company was facing collapse.
A parade of Western countries announced they were pulling out of Russia or shutting down services or plants there, including Airbus and Ford Motor. Other manufacturers, like Volkswagen and BMW, have been unable to get needed parts from Ukraine, forcing the temporary shutdown of European plants.
