Industrial strikes in Australia have triggered a notable surge in wholesale gas prices, with European natural gas prices spiking by as much as 13% in response to the walkouts at two pivotal facilities.

These facilities, operated by Chevron, namely Gorgon and Wheatstone, played a substantial role in supplying approximately 7% of the world’s liquefied natural gas (LNG) last year.

The dispute primarily centred on pay, has rattled gas markets on a global scale in recent weeks, resulting in substantial price increases.

A Chevron spokesperson commented on the matter, stating, “Unfortunately, following numerous meetings and conciliation sessions before the Fair Work Commission, we remain apart on key terms.

“The unions continue to seek terms that are above and beyond equivalent terms with others in the industry, including in agreements recently reached.”