World oil prices rose by $2 a barrel today after Russia's energy row with neighbour Ukraine disrupted gas supplies across Europe.
Though Russia says supplies have almost been restored, the dispute has raised fears about Europe's dependence on Russian energy.
New York's main contract, light sweet crude for delivery in February, shot up by $1.86 to $62.90 a barrel. In London, the price of Brent North Sea crude for February delivery added $2.10 to $61.08.
The gas row erupted when Gazprom, which controls a third of global natural gas reserves, demanded an immediate rise in Soviet-era gas tariffs to Ukraine. Supplies were cut on Sunday after Ukraine rejected the price hike, in turn affecting Europe which imports a fifth of its natural gas from Russia via Ukraine.
Russian and Ukrainian energy officials said that executives from Ukraine's state-owned Naftogaz energy company would travel to Moscow on Tuesday for talks to resolve the crisis between the neighbouring countries.
