Gas prices hit record high again as Ukraine invasion disrupts markets

Russia supplies up to 40% of Europe’s gas, though it accounts for less than 4% of the UK’s. Photograph: Robin Utrecht/Rex/Shutterstock

British and European gas prices both hit record highs on Friday as the war in Ukraine continued to wreak havoc on energy markets, threatening to exacerbate the cost of living crisis.

The UK National Balancing Point (NBP) benchmark soared above 500p a therm at one point, smashing through the previous all-time high set in December amid a prolonged surge that caused the collapse of a series of household gas suppliers.