Gas prices in Europe have risen to a yearly high.

Gas prices in Europe have risen to their highest level in the past year due to possible supply disruptions from Russia, reports the Financial Times.

On the Intercontinental Exchange, the European Title Transfer Facility (TTF) index surged by over 5% on Thursday morning, reaching €46 per megawatt-hour. This is the highest level since the end of November last year, reports Ekonomichna Pravda.

A halt in gas supplies may occur following a court decision in the OMV and Gazprom dispute, as a result of which OMV received €230 million. The company intends to apply this amount to the accounts for the contract with Gazprom, which may lead to a deterioration of contractual relations,