Rolling coverage of the latest economic and financial news
- Latest: Cost of living squeeze tightens as fuel prices hit records
- Full story: Global markets tumble as Russia-Ukraine tensions hit shares
- FTSE 100 drops 1.9% in selloff
- European markets all hit by Ukraine tensions, after falls in Asia-Pacific
- Wholesale gas prices jump
- Brent crude hits $96/barrel, first time since September 2014
- Monday briefing: western leaders in urgent push to avoid war
The price of gas has jumped, on concerns that Russian supplies to Europe could be disrupted.
The UK wholesale gas contract for next-day delivery has risen 8% to 197p per therm.
“The immediate focus is on the potential for a disruption in Russian energy supplies to Europe, which would be very difficult to deal with, and could create a true energy shortage even beyond the challenge that we’re already seeing,” said Jason Bordoff, director of the Center on Global Energy Policy at Columbia University.
“But before that, Europe was already in an energy crisis.”
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