03/11/2026 – United States – Iran: Qatar’s new mediation attempts are overshadowed by a new raid by American attacks in the Strait of Hormuz. Volatility ignites on energy commodity prices – Read more news

GAS & POWER: Volatility is reigniting in commodity markets in the wake of the latest developments in the Middle East. Yesterday, oil and gas prices came to discount losses of 7% and 10%, respectively, on the initial part of the curve, following Qatar's relaunch of mediation on a possible peace agreement between the United States and Iran. This morning, premium risk returns to the forefront, after the United States informally announced that it had conducted a series of attacks on the Iranian island of Qeshm, in the Strait of Hormuz. According to American sources, these were limited operations and defensive in nature, in response to the use of Iranian surface-to-air missiles against US assets, and not the resumption of large-scale combat operations.

The United States has announced a new round of trilateral talks with Russia and Ukraine, scheduled for November 10 and 11 in Abu Dhabi on post-war security, de-escalation, and an end to the war, resuming the diplomatic path suspended in February with the outbreak of the conflict in Iran. However, positions remain distant, particularly in the territories, and the impact on gas appears limited in the short term: on Monday, the Kremlin declared it impossible to resume Russian gas transit to Europe through Ukraine, a possibility that the Wall Street Journal reports Washington is pushing for.