Global oil and gas markets held an uneasy calm in morning trading in Europe after an initial surge in prices following warnings that any Western move to block imports of Russian oil could result in the retaliatory closure of the existing Nord Stream pipeline to Germany.

Calls from the Ukrainian government for sanctions banning Russian crude in response to the invasion have so far not been heeded by Western governments, with President Joe Biden openly wary about the price impact on US consumers of taking Russia out of the market.