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European industry braces for pain from latest gas price spike

Sectors from metals and transport to agrochemicals hurt by prospect of new measures against Russia

The latest surge in oil and gas prices as the west responds to Russia’s invasion of Ukraine is threatening a sharp rise in costs for European industry, severely hurting sectors from steel and aluminium to fertilisers and transport.

Brent crude jumped to a 14-year high of $139 in Monday trading while European gas soared almost 80 per cent to a new record after the US said it was considering a ban on Russian oil imports.

That means yet more pain for airlines, shipping companies, carmakers and other energy-intensive industries, which had already called on governments to address “unbearably high energy prices” before the current crisis.

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