European Gas Prices Spike Amid Russian Supply Dispute

A legal conflict between Austria's OMV and Russia's Gazprom threatens to disrupt gas supplies, pushing prices to a one-year high.

Gas prices in Europe surged over 5% to more than €45 per megawatt hour, marking the highest level since November last year.
Austrian energy company OMV was awarded €230 million in a dispute with Gazprom over irregular gas supplies in 2022.
OMV plans to offset the award by withholding payments to Gazprom, potentially leading to a halt in gas supplies from Russia.
Austrian energy minister assured that the country is prepared for supply disruptions, citing full gas storage facilities.
The rise in gas prices could impact UK energy bills, though the immediate effect may be limited due to Ofgem's pricing structure.