Oil prices rose back above $50 a barrel today as the energy market was shaken by disruptions to gas supplies across Europe, where a cold snap boosted demand.
Brent North Sea crude jumped $1.11 to $50.73 a barrel in London, having earlier hit $52.21. US crude climbed 24 cents to $49.05. It had also moved above $50 earlier.
The EU has slammed cuts in natural gas supplies to Europe as 'completely unacceptable' as an energy price war raged between Russia and Ukraine.
Russia has cut supplies bound for Europe via Ukraine in retaliation for Ukraine's alleged theft of Russian gas. Ukraine denies siphoning off Russian gas and has accused Moscow of engineering the crisis.
Oil prices had already risen sharply on Monday as the Israeli-Palestinian conflict intensified and major crude producer Iran said OPEC would hold a special meeting next month.
