UK gas prices surged by 20% on Tuesday as an explosion in Austria added to already heightened worries over supplies owing to a pipeline shutdown in the UK North Sea.
While UK natural gas prices for January were up by around 20%, same-day gas prices in the UK jumped 40%.
The concerns over supply come as the UK faces freezing temperatures this week.
On Tuesday, an explosion at Austria´s main import terminal for natural gas, Baumgarten, was reported to have resulted in several casualties. The facility is operated by oil and gas firm OMV.
The news came less than a day after the UK North Sea´s main pipeline, the Forties Pipeline System (FPS), was shut down for several weeks for emergency repairs.
With FPS transporting around 40% of the UK North Sea´s natural gas and oil production, Brent pushed past the $65 per barrel mark early on Tuesday.
Brent was trading at $65.66 on Tuesday, 1.5% up on the session.