Shafaq News/ Gas prices in Europe skyrocketed by 12% on Tuesday following an urgent press conference by Finland regarding a gas leak in the Baltic link of the Balticconnector gas pipeline connecting Finland with Estonia.

Futures contracts for November surged on the TTF index, Europe's largest gas center, reaching $534.4 per thousand cubic meters, a 12% increase, according to the Russian news agency "Novosti."

Finland and Estonia announced the temporary closure of the Baltic link in the Balticconnector gas pipeline, located beneath the Baltic Sea, due to suspicions of a leak. This development intensified fears of disruptions in gas supplies from Australia and Norway, causing a 7% rise in gas prices in European markets during morning trading.

Prices increased after Finland's official announcement, reflecting concerns about potential supply shortages.