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Jump fuelled by fears of further Middle East supply disruptions amid reports of US-Israeli plans to strike Iran European gas prices have jumped to levels not seen since 2022 as fears continue to grow around the continent’s supply this winter and the conflict in the Middle East. Wholesale gas prices hit €97 (£81) a megawatt-hour on Monday, as temperatures across Europe fell and traders priced in stronger demand for heating. Continue reading...

On Bloomberg This Weekend, Financial Times Associate Editor and Sea Change author Rana Foroohar explains how the Iran war and higher energy costs are shaping voters’ economic concerns ahead of the US midterms. Speaking with hosts David Gura and Christina Ruffini, Foroohar also examines America’s competition with China and Russia over shipping, infrastructure and influence in a rapidly changing Arctic. (Source: Bloomberg)

The Iran war is transforming global energy markets and benefiting U.S. companies, especially liquified natural gas exporters.

Investors have grown increasingly concerned that the war in Iran could escalate again, putting energy supplies at greater risk.

Republicans had hoped that the passage of new tax cuts would buoy them in the midterm elections, but their ability to campaign on their signature legislation has been diminished by the war with Iran and high gas prices. The tax cut bill, the One Big Beautiful Bill Act, passed by Republicans last year and signed […]

The Iran war and the Ukraine- Russia conflict are creating a "multidirectional squeeze on world agriculture" that could spiral into a crisis, a new report finds. Why it matters: Wars and extreme weather are colliding to threaten global food supplies and drive up prices, especially in vulnerable economies. The report explores how the El Niño phenomenon could compound the problems of restricted supplies of key fertilizer ingredients, higher fuel costs on the farm and more. The S&P Global Institute report is an unusually holistic look at the topic. Driving the news: The analysis comes alongside new warnings about food from the International Monetary Fund. Its World Economic Outlook last week sees an overall 10% increase in fertilizer prices this year and food costs rising by 5% in 2026 and 2.4% in 2027, though it depends on the region. "Higher energy and food prices could have severe effects on poverty and food security" and threaten political stability in vulnerable economies, the IMF warned. State of play: Food producers need steady supplies of natural gas and sulfur for fertilizer, diesel for farm machinery and food transport, and open sea lanes for trade, S&P notes. "Conflict is now testing all of them at once, just as El Niño tests the harvest," states the report from the research and consulting firm. "The risk is increasing, especially for low-income countries, where food costs amount to about half of household spending," it states. Zoom out: The disruptions could affect agricultural production worldwide, from soybeans and corn in Brazil to wheat in Australia, S&P finds. The intrigue: The S&P report also warns of something that has received somewhat less attention. The diesel supply crunch doesn't just raise costs for farmers. It also works alongside pro-biofuels policies to make biodiesel production more attractive. "The knock-on effect is that, in some regions, crops for fuel become more valuable than crops for food." Zoom in: A few stats via S&P illustrate the overlapping threats. Middle Eastern prices for exported sulfur, a fertilizer ingredient, reached a record $1,000 per metric ton in July, after starting the year at a historically high $500 per metric ton. 47% of the global sulfur trade normally goes through the Strait of Hormuz. In Indonesia, industrial use of palm oil, largely for biodiesel, is expected to be roughly five times its 2015-16 level. The bottom line: A global food crisis is by no means certain. But if wars keep disrupting energy and fertilizer supplies, and weather cuts harvests in key regions, "the elements of such a crisis will be falling into place," S&P warns.