24/07/2026 – The European Union approves the 21st package of sanctions against Russia – Read More News

GAS & POWER: The escalation in the Gulf continues, with the thirteenth consecutive night of US air strikes in Iran. President Trump has stated that he is considering an attack even more massive than the operation carried out in early March, implying renewed Israeli involvement and the consequent resumption of large-scale operations. Tehran is also being held responsible for any damage caused by the Houthis in the Red Sea. Gas prices are set to close the week with rises of close to 5 per cent, in a trend that remains driven by the ongoing geopolitical deterioration, whilst according to some sources, QatarEnergy yesterday notified certain Asian counterparties of the first force majeure extensions until mid-September – with the impact in Italy possibly lasting until mid-October.

EQUITY: The rise in crude oil prices above the psychological threshold of $100/bbl sent Wall Street into a slump yesterday, with the effects continuing this morning in Asia as well. European markets, meanwhile, are seeking to consolidate their current levels, after the ECB, as expected, left the deposit rate unchanged at 2.25 per cent. The market is increasingly pricing in the likelihood that the European Central Bank may, however, shift towards two rate rises by the end of the year.