Oil and gas prices in Europe drop nearly 20% this week

Oil and gas prices in Europe have fallen nearly 20% this week amid expectations of a peaceful resolution in the Middle East, with Brent crude dropping 9% on Wednesday and European gas prices declining for a fourth consecutive day. Brent fell from over $117 per barrel last week to below $94 on Wednesday, while Dutch TTF gas futures dropped to around 88 euros per megawatt-hour, down from 104 euros last Friday. The declines followed the Democrats' decisive victory in US congressional elections and reports of progress in US-Iran negotiations. Analysts note that European gas storage remains at 74% capacity, below the five-year average of 90%, and warn that without tangible progress in peace talks, the sharp price drop could quickly reverse.