Atlanta, United States (CNN) — After two days of sharp losses, oil prices rose sharply, Wednesday, with renewed concerns regarding the flow of energy from Russia.
US oil jumped 6.3% to $105.97 a barrel in recent trading. Global benchmark Brent crude rose 5.2% to $107.75 a barrel.
The recovery comes amid continuing uncertainty over Russian energy supplies to Europe.
Not only is the European Union discussing an embargo on Russian oil, but Ukraine has suspended the flow of some Russian natural gas to Europe. The operator of the Ukrainian gas transportation system blamed the “intervention of the occupying forces”.
“The ante has been upped, the markets are choppy,” said Matt Smith, principal oil analyst for the Americas at data and analytics firm Kpler.
US Oil is down 9% over the past two days, to close on Tuesday at $99.76 a barrel.
This volatility comes as prices continue to rise at the stations, which contributes to the high inflation rates sweeping the US economy.
Gas prices hit $4.40 a gallon Wednesday for the first time ever, up three cents in a single day, according to the American Automobile Association. The new record leaves the national average up 17 cents in just last week and well above March’s peak of $4.33.
