Politics · Politics today, November 6, 2026
Economy & power
Hormuz incidents and low European gas reserves show the war's economic toll
· Aster editorial team
AI-generated imageIran's Revolutionary Guard Navy said two oil tankers and a tugboat caught fire after using "unauthorized" routes, and the UK agency UKMTO reported a tanker hit by two projectiles about 50 nautical miles from Qatar, according to Drop Site News. The International Energy Agency says Europe is entering winter with its lowest gas storage since 2013. The U.S. Treasury sanctioned individuals and firms in India and Turkey, saying earlier sanctions helped drive Iran's currency collapse and inflation of almost 90%. Emirates Group reported a 66% drop in profit in the first half of its fiscal year.
Background
According to the IEA, as cited by Drop Site News, disruptions in Hormuz cut Qatari and UAE liquefied natural gas exports by more than 60 billion cubic meters between March and October.
Why it matters
A key share of the world's oil and gas passes through the Strait of Hormuz; disruptions feed into energy prices and economies far from the conflict.
· Source: Drop Site News
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