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.

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© Photograph: Neil Hall/EPA

© Photograph: Neil Hall/EPA

© Photograph: Neil Hall/EPA

Crude oil fell more than 2% as traders balanced the threat of further strikes on Saudi Arabian energy infrastructure against worries that high prices are starting to erode fuel demand. Both Brent and WTI benchmarks slipped in early trading.

Shale drilling at Argentina's Vaca Muerta field has turned the country into a major energy exporter, but communities near the wells say the boom has come at an environmental cost. Residents and local officials describe pollution near drilling sites in Patagonia, even as output keeps climbing.

The Prospector 5 oil rig sank off Mayumba in southern Gabon, with 110 of 115 workers rescued and five still missing as authorities open a formal inquiry.

Cattle prices in Australia climbed to record levels this week after widespread rain fell across Queensland and northern New South Wales. The downpours have improved pasture conditions just as buyers compete for a tightening supply of young stock.

Qatar has struck a deal to purchase liquefied natural gas from US exporters, the latest sign of how the Iran war is reshaping global energy markets. Security concerns around the Strait of Hormuz are pushing buyers toward alternative supply routes, benefiting American LNG producers.

Canadian miner First Quantum Minerals is preparing incentive proposals to advance its $5.3 billion Taca Taca copper project in northern Argentina. The plans would seek tax breaks under the country's framework for large-scale investment projects. Taca Taca is one of several major copper deposits international miners are racing to develop as global demand grows.

Canadian mining investors see growth potential in Argentina's mining sector, with a delegation set to visit Mendoza next week to explore possible projects.

Anglo-Australian miner Rio Tinto has announced a $1.9 billion investment in a bauxite project in the state of Queensland. The company is presenting the move as part of an effort to meet demand across the global aluminium supply chain.

Saudi Arabia's energy ministry says two people were killed and two others wounded in an attack on the Shaybah oil field in the kingdom's Eastern Province. TRT Haber reports that the strike comes amid a broader rise in attacks on Saudi Arabia. The field is one of the kingdom's largest oil-producing sites.

Satellites detected 9,045 fire hotspots in the Brazilian Amazon during the first half of October, a 62% jump from a year earlier, as a drought worsened by El Niño fuels blazes even as annual deforestation fell to its lowest level since 1988.

Iran's Revolutionary Guards said naval mines prevented three tankers from passing through the Strait of Hormuz on Tuesday. The announcement pushed oil prices higher amid escalating regional tension.

President Javier Milei said at the opening of the Argentina Oil & Gas Expo that the country's oil production is nearing one million barrels a day. He also defended the incentive regime drawing foreign investors to the sector.

An Australian mining company is pursuing a fresh approach to gold exploration in New Zealand's Golden Bay after its earlier bid on conservation land was turned down.

Dry spring weather across New Zealand's dairy regions has pushed wholesale milk prices higher, widening the gap between powder and fat products.

Oil companies are weighing how to spend windfall profits after the Strait of Hormuz disruption pushed energy prices to multi-year highs. Trading desks have profited from the volatility stemming from the Iran war, adding pressure on producers to decide between investment, dividends and buybacks.

Premium paid over French counterparts has risen to almost £30 a megawatt hour, analysis by lobby group finds

British steelmakers have been pushed further behind European rivals on electricity costs after the US-Israeli war on Iran caused a surge in global gas prices.

The premium paid by the British industry over its French counterpart has risen to almost £30 a megawatt hour (MWh), its highest level in three years, according to analysis by the lobby group UK Steel.

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© Photograph: Ian Forsyth/Getty Images

© Photograph: Ian Forsyth/Getty Images

© Photograph: Ian Forsyth/Getty Images

CHICAGO: Corn and wheat futures have rallied to their highest prices in more than three years, though the factors driving the gains for each crop remain distinctly different. Wheat futures settled Friday at $7.84 per bushel, up 3.1% on the day, after hitting an intraday peak of $7.9025, the highest level since Feb. 14, 2023. ... Read more

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