Gas prices in the UK have surged by 14% following a suspected Russian attack on a pipeline in the Baltic Sea. The 48-mile pipeline, which links Nato members Finland and Estonia, experienced a sudden leak on Sunday morning. This incident comes one year after the Nord Stream gas route between Russia and Germany was also targeted. Finnish officials believe that Russia sabotaged the gas pipeline, although they have not provided concrete evidence. Experts predict that it will take months to repair the damage.
Wholesale UK Gas Prices Reach Four-Month High
The news of the pipeline attack caused wholesale UK natural gas prices to skyrocket by 14% to 124.6p-a-therm. Just a day before, prices were as low as 88p. This surge in prices has raised concerns about Europe's energy security and has also been influenced by fears that the conflict in Israel may lead to another oil crisis. This increase in gas prices is the highest it has been in four months.
Possible Retaliation from Putin?
Some analysts speculate that this attack may be Russian President Vladimir Putin's way of retaliating against Finland for joining Nato. Finland, which had maintained a policy of neutrality for decades, decided to join the military alliance in April. This move came just over a year after the Kremlin's invasion of Ukraine. While there is no concrete evidence linking the attack to Putin, Finnish authorities are treating it as an act of sabotage.
