Uranium prices rise toward the highest level since the Ukraine invasion as Europe’s energy crisis drives up nuclear bets Uranium prices have risen to trade close to the highest level hit since Russia invaded Ukraine. Europe''s energy crisis is fuelling bets on nuclear power, driving up uranium demand. Prices could rally again by over 30% to $70 a pound next year, according to Bank of America. Uranium prices are approaching their highest level since Russia invaded Ukraine as Europe''s energy crisis encourages countries to intensify their nuclear power efforts. Futures prices climbed 0.28% Tuesday to hover just shy of the four-month high of $53.50 a pound reached September 1, meaning that the commodity has jumped 21% year-to-date. They rose above $50 in March for the first time since 2011, in the wake of the invasion in late February, but fell back in following months and haven''t traded consistently above the key level since then. War in Ukraine has sparked an energy crisis in Europe , with countries forced to turn to alternative fuels such as coal as Russia slashes its oil exports and cuts off natural gas flows via a key pipeline .