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Gas prices rocket to record highs as US, EU mull further Russia sanctions

Petrol station attendants fill up vehicles at a petrol station in Hong Kong on March 7, 2022 with fuel prices rising as traders fretted over the fallout from Russia's invasion of Ukraine. (Peter PARKS / AFP)
Petrol station attendants fill up vehicles at a petrol station in Hong Kong on March 7, 2022 with fuel prices rising as traders fretted over the fallout from Russia's invasion of Ukraine. (Peter PARKS / AFP)

LONDON — Europe and UK natural gas prices soar to record highs on supply fears, as the European Union and United States mull sanctions on Russian energy.

Europe gas reference Dutch TTF rockets more than 60 percent to 345 euros per megawatt hour and UK gas hits 800 pence per therm.

Brent North Sea crude oil surges close to $140 per barrel and a near 14-year high.

Russia is a leading supplier of natural gas and is also one of the world’s biggest crude producers.

US Secretary of State Antony Blinken says the White House and allies are in talks about banning energy imports from Russia following its invasion of Ukraine.

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