
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.
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Oil closes sharply lower in New York after the Democratic victory in the midterm elections, which fuels expectations of a push to end the US war on Iran.
Oil closes in New York with a thud after the Democratic victory in the midterm elections which fuels expectations of a push to end the US war on Iran: the WTI, the American benchmark, drops 8.26% to 88.15 dollars, while Brent, the international benchmark drops 8.59%, to settle at 94.70.
The closure of the Strait of Hormuz and the war in Iran cost Europe 127 billion euros more in energy, without increasing volumes. This was stated by the President of the EU Commission Ursula von der Leyen.

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.