Germany’s Economy Minister Robert Habeck said in a statement on Wednesday, “we are prepared should Russia stop gas exports.”

Earlier this week, Habeck pushed new proposals to counter the country's reliance on Russian gas following the invasion of Ukraine.

On Tuesday, European Commissioner for Competition, Margrethe Vestager, said: European Union (EU) “can't ban Russian gas completely.”

Market reaction

The S&P 500 futures pare back gains amid a tepid market mood while the US dollar index picks up fresh bids to regain 97.50, as of writing.

Meanwhile, WTI is up 5% on the day, heading closer to the $110 mark.