Europe's gas and energy trading industries have urged the European Union not to cap gas prices, as Brussels seeks ways to protect consumers and businesses from energy price spikes.

The European Union is considering a new cap on natural gas prices as part of its clean industrial deal, but the proposal faces strong opposition from the energy industry.

BRUSSELS — The European Union is not planning to include a gas price cap in its upcoming strategy to slash energy prices, a European Commission official said, pushing back on chatter that the EU executive was eyeing the measure.