The price of natural gas per megawatt-hour in Europe increased by 25.8% to €270.23 ($268.32) on Monday, the latest market data showed.
The October gas contract price on the TTF, the Netherlands-based virtual natural gas trading venue, opened Monday at €275 per megawatt-hour.
At 12.40 p.m. local time (0940GMT) on Monday, prices showed a 25.8% jump to €270.23 ($268.32) compared to the closing price of €214.66 ($213.16) on Sept. 2.
Gas prices surged after the Russian energy company Gazprom announced that natural gas shipments from the Nord Stream 1 pipeline to Europe have been halted indefinitely.
Gazprom shut down the pipeline between Aug. 31-Sept. 2 for repairs, and supplies were scheduled to resume after Sept. 2, but the company announced the pipeline would remain closed.
Kremlin spokesperson Dmitry Peskov said Monday that shipments via the pipeline could start if sanctions against Russia are lifted as they are prohibiting pipeline maintenance.