Ukraine tensions to keep spotlight on sky-high oil and gas prices this week

Failure of diplomatic efforts to avoid a conflict is widely predicted to send all types of energy products soaring. 

Consumer price inflation from Ireland to Germany and the US is running at levels last seen over two decades ago. 

Fears that already-high oil and gas prices will surge this week is a key concern of financial markets as investors track the latest tensions and diplomatic moves over Ukraine. 

The potential for conflict between Russia and the West has taken on even greater significance because Russia is a major supplier of oil to global markets and of gas to western Europe, at a time of acute shortages.