Oil jumped to $139 a barrel at one point, the highest level for almost 14 years, while wholesale gas prices for next-day delivery more than doubled. It came as the US hinted at a ban on buying Russian energy, as it looked to other countries to increase supplies. However, European leaders rejected that idea on Monday.

German Chancellor Olaf Scholz said Europe had "deliberately exempted" Russian energy from sanctions because its supply cannot be secured "any other way" at the moment.

Guest post from BBC News