Gas prices are on the rise again amid growing tensions between Russia and Ukraine.
Benchmark Dutch prices rose by 6.4 per cent this morning, while the UK equivalent gained 6.65 per cent.
Traders are now weighing up the the risk of fresh sanctions against Russia from the White House.
US President Joe Biden is due to hold talks with Russian President Vladimir Putin later today.
It will warn Moscow of severe economic penalties if it moves troops over the border into Ukraine.
Tensions between Russia and Ukraine add to existing worries over gas supplies to the continent.
Russia is responsible for over a third of Europe’s gas supplies, which have already lagged in recent months.
This has pushed prices even higher – with continued uncertainty over Nord Stream 2’s certification and threats from Belarus’ president to cut off key pipelines through the country after the EU imposed more sanctions.
Putin has dismissed claims Russia is not supplying sufficient gas supplies and is seeking to put pressure on Europe as “politically motivated blather.”
The issue has also been compounded by storage shortages, as the continent’s gas inventories are at their lowest in more than a decade.
Industry figures have even warned of blackouts this winter across the continent.
Prices have eased back from record highs in reached in October, but analysts and traders expect futures to remain high through the winter.