The wholesale price of gas has surged to its highest level since October 2023 following a critical halt in Russian gas supplies to Europe via Ukraine, which expired on New Year's Day. As trading fluctuates, market fears grow regarding the implications of declining storage levels and rising prices amidst an escalating conflict that has already strained energy resources across the continent.
Ukraine's President Volodymyr Zelenskyy deemed the cessation of the gas transit deal as a significant defeat for Russia, symbolizing the broader impact of geopolitical tensions and economic strategies that have reverberated through Europe, causing shifts in energy policy and reliance on Russian gas.
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