Brent crude, the global oil benchmark, went above $105 a barrel for the first time since August 2014 due to tensions in Russia and Ukraine.
It is now at $104.50 a barrel, up nearly 8%.
British gas for next-day delivery has jumped 40% to £280 per therm.
Russian stocks plummeted as much as 50% when trading resumed on the Moscow stock exchange. The dollar-denominated RTS index tanked 49.93% in early trading, and later traded 34% lower. The rouble-denominated Moex index fell 45% to 1,690.13, and was later down 31%.
London-listed Russian companies suffered heavy share price falls, with Sberbank plummeting 61% and Gazprom losing 28%.
As Russian government debt sold off, yields on benchmark 10-year OFZ rouble bonds (which move inversely to prices), rose to 10.93%, the highest since early 2016.
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