Iran balks at Qatari draft deal as US prepares possible strikes after midterms Death toll reaches 68 after high-speed trains collide near Toledo No bloc reaches 61 seats as Arab parties surge in Israel's election Ebola outbreak passes 10,000 cases as Africa CDC warns of wider spread European gas tops €100 as Iran strike fears and a World Bank warning weigh on markets Death toll from Nyala market drone strike rises past 100 Houthis target Aden airport as Saudi strikes kill 14 in Yemen Oleshky truce holds as Trump pushes leaders' summit and Europe seeks a seat Cyclone Arnab hits Andhra Pradesh, killing at least three Flávio Bolsonaro reaches Miami after leaving Brazil despite passport order Zelensky says Ukraine gets only 12 Patriot missiles a month as drone strikes continue Around 50,000 flee into Kenya as Ethiopian regional forces clash near Moyale Fed leaves rates unchanged before US midterms Oil spill closes UAE beaches as US urges ships to avoid Hormuz transits Youth protests spread across Europe as France tightens rules on riots Russia-Africa summit opens in Moscow Police kill knife attacker outside Israeli embassy in Belgrade Reliance Jio shares rise on debut in India's biggest IPO Drones hit container ship off Bulgaria as Turkey warns Russia and Ukraine Stocks rise on AI bets while debt strain shows before Big Tech earnings Warren presses Anthropic on risks as IPO filing lifts AI stocks Hebron lockdown enters sixth day as UN agency voices grave concern Israeli attacks kill four in Gaza despite ceasefire Healey to scrap gas standing charges in first budget Syria-Jordan border reopens and security committee formed after Jordanian air strikes Indonesian students protest haze response as Singapore summons 10 firms US bans imports from Chinese genomics firms BGI and MGI China steps in to support markets as investors turn from AI shares Merz seeks trade alliance in Japan as China urges Germany and EU to be rational Serbia weighs ties with China and EU after Vučić's election defeat UN General Assembly again votes against US embargo on Cuba Putin praises Musk as Russia plans its own version of Starlink Iran balks at Qatari draft deal as US prepares possible strikes after midterms Death toll reaches 68 after high-speed trains collide near Toledo No bloc reaches 61 seats as Arab parties surge in Israel's election Ebola outbreak passes 10,000 cases as Africa CDC warns of wider spread European gas tops €100 as Iran strike fears and a World Bank warning weigh on markets Death toll from Nyala market drone strike rises past 100 Houthis target Aden airport as Saudi strikes kill 14 in Yemen Oleshky truce holds as Trump pushes leaders' summit and Europe seeks a seat Cyclone Arnab hits Andhra Pradesh, killing at least three Flávio Bolsonaro reaches Miami after leaving Brazil despite passport order Zelensky says Ukraine gets only 12 Patriot missiles a month as drone strikes continue Around 50,000 flee into Kenya as Ethiopian regional forces clash near Moyale Fed leaves rates unchanged before US midterms Oil spill closes UAE beaches as US urges ships to avoid Hormuz transits Youth protests spread across Europe as France tightens rules on riots Russia-Africa summit opens in Moscow Police kill knife attacker outside Israeli embassy in Belgrade Reliance Jio shares rise on debut in India's biggest IPO Drones hit container ship off Bulgaria as Turkey warns Russia and Ukraine Stocks rise on AI bets while debt strain shows before Big Tech earnings Warren presses Anthropic on risks as IPO filing lifts AI stocks Hebron lockdown enters sixth day as UN agency voices grave concern Israeli attacks kill four in Gaza despite ceasefire Healey to scrap gas standing charges in first budget Syria-Jordan border reopens and security committee formed after Jordanian air strikes Indonesian students protest haze response as Singapore summons 10 firms US bans imports from Chinese genomics firms BGI and MGI China steps in to support markets as investors turn from AI shares Merz seeks trade alliance in Japan as China urges Germany and EU to be rational Serbia weighs ties with China and EU after Vučić's election defeat UN General Assembly again votes against US embargo on Cuba Putin praises Musk as Russia plans its own version of Starlink

Symbolic image: European gas tops €100 as Iran strike fears and a World Bank warning weigh on markets

Symbolic image

European gas tops €100 as Iran strike fears and a World Bank warning weigh on markets

11 sources

European gas topped €100 per megawatt hour on Wednesday for the first time since 2022, on fears of renewed US strikes on Iran. The World Bank projects commodity prices up 23% this year.

Dutch gas for November delivery rose 5% to €100.95 on Wednesday, 28 October, according to the Financial Times, then slipped just below €100. President Donald Trump has indicated the US may strike Iran after the midterms on 3 November, and the Wall Street Journal reported that Washington told Gulf states to prepare for a short, intense campaign. Traders are also pricing in a possibly cold winter while storage is emptier than usual. Prices have almost trebled since the US and Israel attacked Iran at the end of February and have gained 39% this month.

Hormuz supply squeeze

Analysts cited by Handelsblatt say LNG exports through the Strait of Hormuz are at a quarter of pre-war levels. Kpler counted 27 cargoes leaving in September against seven in August, Le Monde reports. Argus analyst David Luff warns that the question is increasingly which price would trigger state measures to curb demand.

World Bank outlook

In its Commodity Markets Outlook, the World Bank expects energy prices up 32% in 2026, with Brent averaging $91 against $69 in 2025. The forecast assumes no major escalation; in an adverse scenario Brent could average $105 in 2027 and food prices could exceed their 2022 levels.