European gas prices surged by around 50% Wednesday to a record high on supply fears following key producer Russia's invasion of Ukraine.

Europe's reference Dutch TTF gas price hit 194.71 euros ($216) per megawatt hour in morning deals.

The United Kingdom's gas prices jumped as high as 463.84 pence per British thermal unit (Btu), close to the record 470.83 pence struck in December.

The assault on Ukraine also sent oil prices rocketing Wednesday because Russia is also one of the world's biggest crude producers.

European benchmark Brent North Sea oil earlier spiked to $113.02 per barrel, the highest level since 2014.

New York-traded WTI peaked at $111.50, a level last reached in 2013.

Traders will be keeping a close eye on the meeting of OPEC and other major producers, including Russia, later Wednesday, when they will discuss whether to ramp up output to temper the price rises, which are helping fan inflation.

Russia's President Vladimir Putin's invasion of its neighbor has also sparked sharp swings on global stock markets in the past week.