Brent crude is trading above $116 per barrel, while JP Morgan’s model values the benchmark at $94. The price rise continues a streak of four straight monthly gains. An eight‑month conflict with Iran and recent drone and missile attacks on dozens of tankers add volatility. Shipping costs for Middle‑East crude have hit record levels, prompting producers to offer discounts.
UBS
3 stories since 29 October 2026, newest first
2 November 2026
29 October 2026
The United Nations aid chief warns that about 50 million people could face heightened hunger as the current El niño reaches unprecedented strength. Meteorologists describe the phenomenon as potentially the strongest on record, with warmer‑than‑average temperatures forecast across much of the continental United States and reduced rainfall in the Philippines, where drought is expected by February 2027. Flooding in Argentina has already killed two people and displaced over 2,000. Global carbon‑dioxide emissions are set to surge this year, and the Climate Impact Lab projects nearly 485 000 heat‑related deaths this summer, with an additional 373 000 expected in the next six months.
Americans vote on Tuesday, 3 Nov, in midterm elections that will decide control of the House of Representatives and the Senate. All 435 House seats, 35 Senate seats and 36 governorships are contested. Republicans hold majorities in both chambers, with 218-214 in the House and 53-47 in the Senate, while Democrats need a net gain of four seats to take the Senate. Commentators and polls place Democrats in a favourable position, particularly for the House, and the Senate is described as too close to call. Ballot counting could take days or weeks in some cases. Voters are also deciding thousands of state and local races and ballot measures.