Luke Vargas

Journal energy security reporter Matthew Dalton reports that Europe is back in a familiar pickle as conflict sends it scrambling yet again to track down reliable and affordable energy sources.

Matt, we're talking here about natural gas, something we discussed in the context a little bit more for Asia than we have for Europe.

So give us the latest for Europe.

So how are European countries reacting?

All right.

So it sounds like the renewables push, if anything, is going to intensify as a result of all of this.

Separately, I'm curious, is the continent going to go back to the Gulf when the fighting is over?

And what about the US?

Can it be a reliable partner here?

I've been speaking to Wall Street Journal energy security reporter Matthew Dalton.

Matt, thanks so much.

Meanwhile, concerns about a protracted disruption to energy supplies are sending global equities lower and oil higher today.

Japan's Nikkei and South Korea's Kospi Index both fell more than 4% on fears that the war could slow global growth.

Futures for international benchmark crude are up, trading around $108 a barrel.

US gasoline prices are continuing their upward climb, sitting just shy of $4 a gallon.

And Australia's government responded to higher prices today by cutting its fuel tax in half for three months.

Here was Prime Minister Anthony Albanese announcing the move.

In other market news, we are exclusively reporting that food distribution giant Cisco is nearing a deal to buy family-owned Restaurant Depot for roughly $29 billion.

Cisco is the biggest U.S.

food distributor to restaurants, hospitals, and schools, and the deal could help it to expand into the high-margin and growing cash-and-carry distribution model, in which restaurant owners can pick up food supplies on the same day as they need them.