Energy price shock eases slightly as Germany allays fears of imminent Russia embargo

Gas and oil hit record highs before stabilising as countries dependent on Russian imports say measures likely to be introduced step by step'

Gas prices and petrol hit an all-time high and oil neared record levels on Monday after the US said it had discussed the prospect of an embargo on exports from Russia, before pushback from Germany eased the market tension.

The price of gas for delivery in the UK in April soared to 800p per therm at one point, up from 460p on Friday and 20 times the price of the same contract a year ago, before the autumn energy price crunch and war in Ukraine hit.