European gas prices soar after Russia cuts supplies to Germany

Market nears March record as pressure builds on continent

European gas prices have surged after Russia further cut supplies on its biggest pipeline serving the continent.

Market observers recorded a 9 per cent rise in gas prices on Wednesday, near the all-time high reached in March shortly after Russia invaded Ukraine.

Kremlin-owned energy provider Gazprom cut supplies on the Nord Stream 1 pipeline to 20 per cent of capacity on Wednesday.