European and Middle East foreign ministers convened in Istanbul to address regional crises, including the situation in Yemen and the US-Iran conflict. The meeting focused on restoring freedom of navigation in the Strait of Hormuz and the Bab el-Mandeb Strait. Discussions also covered the Russia-Ukraine war and the Palestinian issue.
Oil prices rose as attacks in Saudi Arabia and tensions involving Iran raised concerns about global crude supply. Brent crude surpassed $114, while WTI held above $100. The Houthi attacks forced Aramco to evacuate its headquarters, intensifying fears of supply disruptions. European carbon prices could reach €100 this winter due to the energy supply shock.
The US criticized Iran over stalled nuclear negotiations, highlighting ongoing tensions. Iran’s Supreme Leader, Mojtaba Khamenei, remains in good health and continues to exercise leadership. The meeting in Istanbul underscores the growing impact of regional conflicts on global energy markets and diplomatic relations.
