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Dutch TTF gas broke €100/MWh as European buyers outbid Asia for LNG cargoes. Henry Hub fell about 5% with funds the most short in at least two years.
Traders are waiting for a US decision on Iran after the midterms, with diplomacy hopes lowering prices.
Higher European gas prices raise nitrogen fertilizer and feed processing costs in Europe and pull LNG away from other importers. Energy price swings tied to Iran talks feed through to crude and feed-related costs.
theoilreport.proAlex Morton, Tim DugganNov 2, 2026After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
