The alarm of the President of the European Commission Ursula von der Leyen at the WinWin Brussels Summit.
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The war in Iran and the closure of the Strait of Hormuz have blocked traditional energy flows, increasing costs for Europe.
The war in Iran and the blockade of the Strait of Hormuz have led Europe to spend 127 billion euros more on energy. The alarm came from the President of the European Commission Ursula von der Leyen who, speaking at the WinWin Brussels Summit dedicated to startups, underlined: "One hundred and twenty-seven billion only due to the closure of the Strait of Hormuz. Without a single additional quantity of energy".
The president of the EU Commission specified: "When we import oil and gas, we risk also importing the shocks and crises that derive from them. Therefore, the ecological transition does not only serve to protect our climate; it is an issue that also concerns the competitiveness and independence of Europe".

Oil closes sharply lower in New York after the Democratic victory in the midterm elections: the WTI drops 8.26% to 88.15 dollars, while Brent drops 8.59% to 94.70 dollars, fueling expectations of an end to the US war on Iran.

Natural gas on the Amsterdam TTF market returns above 92 euros per MWh, with December futures falling by 2.5% to 92.46 euros. European inventories fall to 74.56% (844.25 TWh), while Italy resists at 91% with 185.11 TWh, confirming itself as the country with the largest reserves.

Cna research presented in Bologna on November 3 shows that 42% of Italian companies have not considered the electrification of production processes. Costs, payback times, lack of skills and difficulties in accessing financing are the main obstacles to the spread of heat pumps.

According to McKinsey's Global Energy Perspective 2026, renewables are growing at record rates and investments in low-emission technologies exceed those in fossil fuels for the second consecutive year, but oil, gas and coal continue to satisfy increasing global demand (+2.7% in 2025), with coal at a new consumption record. Geopolitics, artificial intelligence and infrastructure bottlenecks risk pushing decarbonisation away from international climate goals.

Arera announces a 9.1% increase in gas prices for October 2026 for vulnerable customers. The cost of the raw material rises to 88.36 euros/MWh, bringing the estimated annual expenditure to 1,945 euros for gas, with a total impact of 2,814 euros including electricity bills.

In October, the gas bill for Italy's 2.3 million vulnerable customers increased by 9.1%, reaching 176.80 cents per cubic meter. The increase is caused by geopolitical tensions which push international prices upwards.