Energy markets are evolving amid heightened geopolitical tensions in the Middle East.

• Oil prices fall slightly: Brent crude stands at $108.69 per barrel, while WTI trades at $101.26. Despite attacks on commercial vessels and disruptions in the Strait of Hormuz, oil flows remain relatively strong, at around 80% of their pre-war levels, according to the US Secretary of Energy.
• Sanctions against Russia are temporarily suspended: Donald Trump has decided to pause certain measures targeting Russia’s energy sector for 60 days in order to assess their economic impact. Meanwhile, global diesel exports fell by 10% over the first nine months of 2026.
• European gas prices continue to rise: The Dutch TTF benchmark gains 1.95%, reaching €89.26/MWh, driven by forecasts of colder weather and the risk of further supply disruptions in the Middle East. European gas storage facilities are only 72% full, compared with higher levels at the same time last year.

Conclusion: Although oil prices have edged down thanks to continued supplies, geopolitical risks and declining gas reserves are maintaining pressure on European energy markets.