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
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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.