The price of uranium surged to its highest in 12 years amid fears of a supply crunch instigated by a coup in Niger, and a decision by Canadian miner Cameco to curtail production, just as demand for the commodity is poised to increase.

The supply crisis comes as energy utilities look to nuclear power to cut their reliance on Russian uranium and gas, following Moscow’s invasion of Ukraine, and decarbonise power grids reliant on fossil fuels.