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Shares of energy companies rose sharply alongside the price of oil and natural gas.
Oil futures topped $88 a barrel after Bloomberg News reported the Biden administration would consider refilling the Strategic Petroleum Reserve if the price hit $80 a barrel.
Natural gas futures surged 10% to $9.11 a million British thermal units, their biggest gain since January, amid speculation that a rail strike would constrain coal supplies, forcing power plants and other industrial energy users to switch to natural gas.
The European Union outlined a sweeping plan to claw back some $140 billion in profits and revenues from companies enriched by higher energy prices in an effort to cushion the blow from Russia’s punishing assault on the continent’s economy.
Write to Rob Curran at rob.curran@dowjones.com
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