Russian forces launched overnight attacks targeting critical and energy infrastructure across several Ukrainian regions early on May 2.

Russian forces conducted overnight strikes on energy and critical infrastructure in multiple Ukrainian regions on May 2, escalating military activity in the region. The attacks have heightened concerns over potential supply disruptions to European energy markets, particularly natural gas flows transiting through Ukrainian infrastructure, reinforcing risk premia in commodity pricing. Energy markets, especially European natural gas and power contracts, remain vulnerable to further volatility as geopolitical risk drives safe-haven demand and supply security concerns. Investors are also reassessing exposure to Russian and Ukrainian risk assets amid increased military escalation and the potential for broader regional spillover. Traders will closely monitor the next scheduled EU energy meeting on May 5, where emergency preparedness measures and infrastructure resilience plans may be discussed.

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