Jump fuelled by fears of further Middle East supply disruptions amid reports of US-Israeli plans to strike Iran

European gas prices have jumped to levels not seen since 2022 as fears continue to grow around the continent’s supply this winter and the conflict in the Middle East.

Wholesale gas prices hit €97 (£81) a megawatt-hour on Monday, as temperatures across Europe fell and traders priced in stronger demand for heating.

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© Photograph: Neil Hall/EPA

© Photograph: Neil Hall/EPA

© Photograph: Neil Hall/EPA

Crude oil fell more than 2% as traders balanced the threat of further strikes on Saudi Arabian energy infrastructure against worries that high prices are starting to erode fuel demand. Both Brent and WTI benchmarks slipped in early trading.

Shale drilling at Argentina's Vaca Muerta field has turned the country into a major energy exporter, but communities near the wells say the boom has come at an environmental cost. Residents and local officials describe pollution near drilling sites in Patagonia, even as output keeps climbing.