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Gas prices have soared on concerns over energy supplies after Russia announced it would not reopen its main gas pipeline to Europe. The Dutch month ahead wholesale gas price, a benchmark for Europe, was up as much as 26% on Monday, before falling back slightly.

The same gas price contract lost 37% last week. The Nord Stream 1 pipeline had been due to reopen on Saturday after being shut for three days. However, on Friday, state energy firm Gazprom said it had found a leak in the pipeline.

Europe has accused Russia of using gas supplies to blackmail Europe amid the Ukraine conflict, which Moscow denies.

Expectedly, gas prices may rise in other parts of the world including Africa as a result of this latest development.