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European wholesale gas prices jumped about 4% to roughly €98.60/MWh on Tuesday after U.S. strikes on Iranian assets on Qeshm Island in the Strait of Hormuz. Iranian officials said negotiations remained far from a resolution, reversing Monday's steep losses.
Brent crude rose about 1.8% to $106.61.
Renewed attacks near Hormuz threaten LNG and crude flows, supporting European gas and oil prices and raising feed-energy and fertiliser cost pressure. Diplomatic headlines can reverse these moves quickly.
ng.investing.comPranav KashyapNov 3, 2026After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 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.
After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% 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.
