Gas prices in the UK experienced a sharp spike yesterday, reaching more than double their typical seasonal value.

This surge comes in response to growing concerns about potential disruptions in liquefied natural gas (LNG) supply from Australia.

European gas prices have witnessed a significant leap of nearly 40% in response to fears of a possible shortage in LNG supply from Australia.

On the European benchmark, known as the Title Transfer Facility, prices surged to over €43 (£37) per megawatt hour, marking a substantial increase from the previous day’s value of almost €30 (£25.9).

This surge is the most substantial since mid-June, experts have noted.

Traders and analysts are closely monitoring the situation as workers at crucial LNG plants in Australia consider taking strike action.