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Details are starting to come in on a series of cyberattacks targeting European oil companies this week.

Two German fuel storage companies – Mabanfaft and Oiltanking – have been crippled by ransomware known as Black Cat. The hackers are believed to have links to the Russian group that attacked the Colonial Pipeline in the United States last year, causing shortages and panic buying.

There have been other computer problems at sites in Malta, Belgium and the Netherlands this week, although it is unclear whether these are linked to the German attacks.

This comes amid heightened tensions over a potential conflict between Russia and Ukraine. Any conflict or sanction could threaten Europe’s oil supply.

5 things to start your day

1) Raids and tax refunds: why Rishi Sunak “takes with one hand and gives with the other” The chasm between the Chancellor’s small-state rhetoric and his actions is widening day by day

2) Amazon raises price of Prime subscriptions as earnings beat forecast The change, which will not apply to the UK, reflects the rising costs of logistics operations

3) Facebook set for biggest one-day drop in history as shares fall more than 26% More than $230 billion erased the value of Meta, making stock market history

4) Brexit has made Britain’s inflation problem worse, says Christine Lagarde European Central Bank President says shortage of non-UK labor is impacting UK economy

5) Lord Tebbit’s son makes millions selling slice of his green fuel business to BP William Tebbit sells 30% stake in Green Biofuels as oil giant expands renewables portfolio

What happened overnight

Asian stocks were mostly higher on Friday after a historic drop in the stock price of Facebook’s parent company helped drag other tech stocks down on Wall Street.

Hong Kong jumped 2.6% after it reopened from the Lunar New Year holiday. Shanghai remained closed. Tokyo and Seoul advanced while Sydney was lower. Other regional markets were higher.

Trading has been muted this week as Chinese markets are closed and coronavirus cases continue to rise in Asia, particularly in Japan and Hong Kong.

coming today

• Business : Airtel Africa (intermediate results); SSP Group (commercial update)
• Economy: Building PMI (UK); retail sales (EU); non-agricultural payroll (WE)