War in Ukraine Enters New Phase That Puts Energy in Crosshairs

As Russia and Ukraine trade blows against oil, gas and power facilities, the collateral damage is showing up in global markets.

A damaged thermal power plant near Kharkiv, Ukraine, on April 12.Photographer: Andrii Marienko/AP Photo
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Russia and Ukraine may have struggled to shift things significantly on the battlefield for more than 16 months, but a new phase of the war is moving the needle in a way that’s having wider repercussions.

Both sides are now targeting energy assets to hit their enemy’s economy, and the collateral damage is showing up in global markets.