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European Gas Jumps as Energy Conflict With Russia Escalates

  • Russia warns of risks of further supply cut via Ukraine
  • Nord Stream links are damaged; EU authorities fear sabotage
Updated on

Natural gas prices in Europe surged after Russia said there’s a risk to supplies via Ukraine, the last route still delivering the fuel to the continent’s major consumers.

Benchmark futures rose 11%, jumping for a second day. The warning ratchets up the energy conflict between Moscow and the West, coming just after major leaks were reported on the Nord Stream links that European authorities called an act of sabotage. The situation heightens concerns over shortages with the heating season just days ahead, and the pipeline blasts are forcing nations to tighten security at key infrastructure.