European gas prices jumped to four-year highs amid winter supply fears, Middle East tensions and low storage levels, with the UK bracing for some of the highest energy costs in Europe.

European wholesale gas prices hit €97 per megawatt-hour while the UK month-ahead contract rose 4% to 240p per therm, as US and Israeli plans for renewed strikes on Iran and low gas storage at 75% full drove fears of winter supply shortages.