Gas prices at one-year high in Europe amid Russian supply threat

Gazprom could stop flow of gas into continent as result of their legal battle with Austrian company OMV

Europe's gas market rose by as much as 5% on Thursday to its highest price in a year after one of the continent's biggest gas traders said that there could be a halt on gas supplies from Russia.

Austrian gas trader OMV has said that a court decision awarding the company compensation after its dispute with a subsidiary of Russia's Gazprom could lead the state-owned gas giant to halt supplies.