European Gas Rises to Two-Week High With US Push on Russia

European natural gas settled at a two-week high after US President Donald Trump threatened to penalize India for energy purchases from Russia, raising concerns about the global supply outlook.

Benchmark futures closed up 1.3% after swinging earlier on Wednesday in a choppy last trading day for the August contract.

Traders have been bracing for US moves against buyers of Russian oil and gas, including India and China, after Trump increased pressure on Moscow to reach a truce with Ukraine in his bid to end the war. On Tuesday, he warned of “tariffs and stuff” if a ceasefire isn’t agreed within ...