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Europe Energy Prices Jump as Moscow Tightens Screw on Gas Supply

  • Benchmark Dutch gas futures surge 35% after record weekly drop
  • Russia’s key pipeline shut after Gazprom reported a fault
Bloomberg business news
WATCH: Gas prices surged more than 30% Monday as Europe races to respond to the deepening energy crisis. Will Kennedy reports.Source: Bloomberg
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Energy prices surged in Europe after Russia halted its biggest natural gas pipeline to the continent indefinitely, plunging the region deeper into a crisis that could push major economies into recession and force rationing.

Benchmark gas futures jumped as much as 35%, the most in almost six months, and electricity prices increased. The supply cutoff rippled through markets, hitting equities and pushing the euro to a 20-year low.