Natural gas prices soar as Russia launches invasion of Ukraine

Energy markets have spiralled into chaos this morning as Russia launched a full-scale invasion of Ukraine.

Russian president Vladimir Putin approved the “special military operation” in a televised speech earlier today.

European gas prices surged by up to  41pc to €125 a megawatt-hour after four day-on-day climbs.

On Tuesday German chancellor Olaf Scholz made the shock decision to suspend approval for the Nord Stream 2 pipeline that was set to double Russian gas imports to Europe.

The nation’s lack of Liquified Natural Gas ports, and heavy reliance on Russian supplies, mean its energy market will likely be one of the worst hit in Europe should the conflict continue to escalate.