MOSCOW—Ukraine has suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from accepting transit fees from Moscow, Russian pipeline monopoly Transneft said on Tuesday.
Benchmark Brent crude oil jumped by $2 per barrel to trade near $98 as the news added to concerns about reduced energy supplies.
Europe is heavily reliant on Russian crude, diesel, natural gas and coal. Energy prices have rallied this year on short supply as Europe scrambles to replace Russian energy with alternative supplies.
Flows along the southern route of the Druzhba pipeline have been affected while the northern route serving Poland and Germany remains uninterrupted….