Oil prices were up over 1% in early Asian trading Monday, after a key United States pipeline carrying crude oil from Canada was shut down due to a leak of unknown origin, and Russian President Vladimir Putin threatened to remove Russian oil from the market in retaliation for an EU price cap being imposed on Russian sea-borne crude.

European benchmark Brent crude was up 83 cents for a rise of 1.1%, bringing its price to $76.93 per barrel by 0020 GMT. American benchmark West Texas Intermediate rose 90 cents for a gain of 1.3%, bringing its price to $71.92 per barrel.

Canada’s TC Energy said on Sunday it had still not determined the cause of the leak in the Keystone pipeline last week in the United States, nor would it be able to provide a timeline for when the pipeline would return to service.

On Wednesday the pipeline was shut down after a drop in pressure was detected. On further investigation it was discovered that 14,000 gallons of crude had leaked into a creek in Washington county, Kansas, about 150 miles north-west of Kansas City.

Moving 622,000 barrels per day of Canadian crude from Alberta to refineries in the US Midwest and Gulf Coast exporters, the Keystone pipeline is a critical artery for facilitating the trade in oil

Across the globe in Moscow, Russia’s Vladimir Putin said Friday that Russia, the world’s biggest exporter of energy, might decide to cut oil production, and will definitely refuse to sell oil to any country which would try to impose the “stupid” price cap agreed to by the EU and G7 nations.

ANZ analysts have noted that while crude was volatile in trading off the uncertainty surrounding the price cap, so far the sanctions had not themselves grossly impacted global markets for crude.

Oil’s recovery comes after both WTI and Brent crude posted their biggest losses for a week in months, and hit their lowest points going back to December of 2021 off fears of a global recession and the effects it would have on demand.