gHello.

There is still no end in sight to the spiraling energy crisis as oil prices continue their relentless climb.

Benchmark Brent crude soared above $111 a barrel – an increase of more than $10 since Russia invaded Ukraine less than a week ago. West Texas Intermediate also surged above $110. This is its highest level since 2013.

The United States and other major consuming nations agreed to release 60 million barrels of stockpiles, but that failed to subdue the rally. The International Energy Agency warned last night that the situation in energy markets was “very serious” and that global energy security was at risk.

All eyes will be on the Opec producer cartel ahead of its meeting today. However, only a modest increase in supply is expected despite the turbulence in the markets.

5 things to start your day

1) Athlone House, Mikhail Fridman’s monument to the power of Russian oligarchs Wealthy Russians living in London are increasingly under scrutiny for their presence in the capital’s luxury property market

2) Taxpayer-backed OneWeb uses Russian rockets to launch satellites MP urges ministers to step in on broadband company’s plan to continue launching from Kazakhstan

3) Apple stops selling its products in Russia The move comes after Ukraine’s deputy prime minister last week called on Tim Cook to take action.

4) Taxpayers responsible for Russia-related loan losses The British Business Bank is working to resolve a ‘small number’ of war-exposed government-backed investments

5) Russia’s banking system ‘on the brink’ amid scramble for cash Experts warn banks will struggle to stay afloat after markets plummet

What happened overnight

Wall Street and European markets fell on Tuesday and the losses were largely passed on to Asia, which had seen two days of relative calm although the sell-off was not as severe. Tokyo led the losses, down 1.9%, while Hong Kong, Shanghai, Singapore, Taipei, Manila and Wellington also fell. However, Sydney, Seoul, Jakarta and Bangkok made marginal gains.

coming today

• Business : Ascential, Aviva, Coats Group, Hiscox, Persimmon, Polymetal International, Vistry, Vivo Energy, Weir Group (annual results); Chemring Group (commercial update)
• Economy: BRC store price index (UK)Budget report (UK)inflation (EU)Job change (WE)Fed Beige Book (WE)