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.
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