Ukraine crisis: Gas prices jump 10%, oil heads towards $100 a barrel

Russian President Vladimir Putin signs a document recognising the independence of separatist regions in eastern Ukraine in the Kremlin in Moscow on Monday night. 

The price of European gas has jumped 10% and global crude oil spiked, threatening to add to the inflation pressures facing businesses and households after Russia moved to recognise breakaway regions in eastern Ukraine.

Russia is a large exporter of oil and gas to western Europe, and along with Ukraine, also sells large amounts of wheat to global markets.