Europe and UK natural gas prices soared to record highs Monday on fresh supply fears after the United States proposed an embargo on Russian crude oil.
Europe gas reference Dutch TTF rocketed more than 60 percent to reach an all-time peak of 345 euros per megawatt hour and UK gas hit an all-time pinnacle of 800 pence per therm.
Brent North Sea crude oil surged close to $140 per barrel and a near 14-year high.
US Secretary of State Antony Blinken said the White House and allies were in talks about banning oil imports from Russia following its invasion of Ukraine.
"The price explosion has been sparked by the fact that the West is considering banning Russian oil imports in response to the war in Ukraine," noted Commerzbank analyst Carsten Fritsch.
"There is speculation that Europe might decide of its own accord to stop Russian gas imports. So far, gas is still flowing normally."
Russia is one of the world's biggest crude producers and is also a leading supplier of natural gas.
