Gas price at a six-year high

Wholesale gas prices touched a six-year high of £1 a therm yesterday as the big freeze showed no sign of letting up in Britain and across Europe.

Supply shortages and a huge surge in demand have pushed up prices while Brent crude hit a six-month high of $116.70 as Italy turned to burning oil to produce electricity.

Tensions with Iran also pushed up oil prices as the United States tightened sanctions by giving the banks new powers to freeze assets which are linked to the Persian Gulf state.