Gas prices rocket to records on Russian supply fears

The port of Mariupol in eastern Ukraine.

Europe and UK natural gas prices soared to record highs Monday on fresh supply fears after the United States proposed an embargo on Russian crude oil.

Europe gas reference Dutch TTF rocketed more than 60 percent to reach an all-time peak of 345 euros per megawatt hour and UK gas hit an all-time pinnacle of 800 pence per therm.

Brent North Sea crude oil surged close to $140 per barrel and a near 14-year high.

US Secretary of State Antony Blinken said the White House and allies were in talks about banning oil imports from Russia following its invasion of Ukraine.