European gas prices have jumped to levels not seen since 2022 as fears continue to grow around the continent’s supply this winter and the conflict in the Middle East.

Wholesale gas prices hit €97 (£81) a megawatt-hour on Monday, as temperatures across Europe fell and traders priced in stronger demand for heating.

The UK’s month ahead contract also rose by 4% to 240p a therm, its highest level since December 2022 when prices were rocketing after Russia’s full-scale invasion of Ukraine.

The jump in gas prices comes as fears grow that there could be further supply disruptions in the Middle East, amid reports the US and Israel have drawn up plans for renewed strikes against Iran after the US midterm elections.

Those reports helped send the oil price as high as $117 a barrel on Friday.…