Brent crude tops $100 as US-Iran conflict expands and EIA raises 2026 energy price forecasts
Brent crude futures surpassed $100 per barrel on Wednesday for the first time since July 24, driven by exchanges of strikes across the Middle East and a 400-million-barrel drawdown in global stockpiles.
French fuel prices reach records above 2.12 euros as government rejects broad tax cuts
Average petrol prices in France reached 2.124 euros per litre on Wednesday, prompting the Ministry of Economy to rule out blanket tax reductions in favour of targeted support.
US imposes import bans and 50% tariffs on Canadian goods following $20 billion retaliation
The White House introduced bans on Canadian alcohol, dairy, and heavy motorcycles taking effect on 29 September 2026, alongside new 50% tariffs on boats and metal products, after Ottawa enacted counter-tariffs on $20 billion in American goods.
Brent crude passes $101 as US and Iran exchange tanker strikes near Hormuz
Brent crude climbed above $101 per barrel on 9 September 2026 following mutual strikes in the Persian Gulf, with US forces destroying five Iranian tankers and Iran targeting commercial shipping and a Jordanian air base.
Portugal extends 10-cent agricultural diesel discount and adds €13 million for fisheries
The Council of Ministers approved more than €15 million to prolong the fuel discount through 31 December, alongside targeted support for fishing fleets and social institutions.
Poland restores 23% fuel VAT as CPN price caps expire, raising pump rates by up to 1 PLN
Motor fuel taxes returned to 23% and retail price limits lapsed across Poland on 1 September 2026, prompting price increases of up to 1.08 PLN per litre and fuel shortages at filling stations.
Portugal rejects claims of fuel tax windfall as prices hit yearly high
Environment Minister Maria da Graça Carvalho denied that Portugal is profiting from rising fuel costs, citing 700 million euros in tax offsets as prices reached yearly highs.
Italy Prepares Five-Day Extension on Diesel Tax Cut Before Shift to Targeted Aid
The Italian government will extend its 17-cent diesel discount until 10 September using windfall VAT revenues, buying time before ministers introduce targeted relief measures for vulnerable households and hauliers.
World food prices hit highest level since 2022 as war and weather curb supplies
The UN Food and Agriculture Organization price index climbed to 133.3 points in August 2026, driven by Black Sea shipping strikes, Strait of Hormuz blockades, and European drought.
US structures 35% Venezuelan oil venture stake as anti-dilution penny warrants
The Pentagon structured its 35% stake in Venezuelan oil venture North American Blue Energy Partners using penny warrants, protecting Washington from equity dilution as operations expand across 17 fields.
US diesel prices reach record $5.85 a gallon amid Middle East and Russia disruptions
Retail diesel fuel in the United States reached a record $5.85 a gallon as the war with Iran and refinery strikes in Russia tightened global fuel supplies ahead of the November midterms.
Brazil threatens reciprocal trade measures as EU animal product ban takes effect
The European Union halted imports of Brazilian beef, poultry, eggs, and honey on Thursday over antimicrobial drug concerns, prompting Brasilia to threaten retaliatory trade actions.
European gas reaches €74.5 per MWh and Brent crosses $95 after US-Iran strikes
European natural gas traded near €74.5 per megawatt-hour and Brent crude exceeded $95 per barrel on Wednesday morning following overnight military strikes between the United States and Iran around the Persian Gulf.
Canada and US trade dispute escalates after $20 billion tariff clash and auto sector demands
Canadian officials insist any future bilateral trade pact must protect domestic automotive manufacturing and cultural policies following reciprocal $20 billion tariff actions.
Portugal adds 3 cents to fuel tax discount as 2026 relief reaches 700 million euros
The Portuguese government increased the ISP fuel tax rebate to 23 cents per liter on 4 September 2026 to mitigate price spikes linked to Middle East tensions.
Romania raises diesel excise tax discount to 25% for early September
The Romanian Ministry of Finance announced an increased 25% excise tax cut for standard diesel from 1 to 15 September 2026, lowering duties by 701.07 lei per 1,000 litres to curb transport costs following surges in international benchmarks.
US paper group urges calm as Canadian tariffs threaten toilet paper prices
Canada will impose 25% to 50% tariffs on toilet paper and production materials on 8 September 2026, prompting US manufacturers to urge consumers against panic buying.
European Commission approves Greece's €4.77B Social Climate Plan for 2026–2032
The 2026–2032 initiative mobilizes €3.57 billion in EU funds and €1.2 billion in national contributions to fund housing renovations, heating subsidies, and clean public transport.
Italy extends diesel excise tax cut to 5 September with 130 million euro package
The Italian cabinet approved a 130 million euro decree extending the 17-cent diesel discount through 5 September, funded by an advance tax on energy company dividends.
TotalEnergies keeps French fuel price caps for duration of Middle East conflict
CEO Patrick Pouyanné confirmed TotalEnergies will cap petrol at 1.99 euros and diesel at 2.25 euros per litre in France for the length of the Middle East conflict, while warning against windfall taxes.
EU gas reserves fall to 13-year low as Middle East disruptions stall storage targets
European Union gas storage facilities were 63% full in late August 2026, roughly a fifth below the five-year average, as supply disruptions linked to the conflict involving Iran hinder preparations for the winter heating season.
US secures majority control of 65 billion barrels of Venezuelan oil in 100 billion dollar agreement
The United States and Venezuela have agreed to develop 17 strategic oil fields with 65 billion barrels of crude, drawing over 100 billion dollars in private investment.
Romania extends energy alert and delays coal plant shutdowns past EU deadline
The Romanian government prolonged its energy alert until 30 September 2026 and deferred closing 710 MW of coal capacity at Turceni and Craiova, responding to Danube drought and the Cernavoda nuclear shutdown.
EU customs fee drives 30% to 40% drop in low-value parcel imports from China
A flat three-euro tariff on sub-150-euro goods introduced in July 2026 led to a 30% to 40% decline in small parcel entries across the European Union, according to French customs data.