Gas prices double since invasion as Putin threatens to turn off the taps – live updates

Gas prices double since invasion as Putin threatens to turn off the taps – live updates

T he Ukraine war is driving up prices across a range of commodities, but it's nickel that's suffering the most extreme swings. Nickel prices more than doubled this morning to briefly spike above $100,000 a tonne. That followed a 66pc rise yesterday. The unprecedented surge in prices comes amid a short squeeze on the LME in which traders with substantial short positions have raced to cover their positions. To give a sense of how rapidly nickel has jumped, the commodity has risen by about $11,000 a tonne over the last five years. This week alone, it's jumped by as much as $72,000. O il prices have kept rising after the US moved a step closer to imposing a ban on Russian crude imports. Key US politicians announced the outline of bipartisan legislation to bar oil imports into the country. That came after the White House said it was in "very active discussions" with allies about an embargo. However, EU governments are split over the move, and German Chancellor Olaf Scholz yesterday said he would not support a ban. Still, many traders are opting to shun Russian barrels, keeping prices high. Brent crude rose 3.5pc to around $127 a barrel after