The World Bank’s April 2026 Commodity Markets Outlook projects Brent crude at an average of $86 a barrel this year, up from $69 in 2025. For European industry, the question is whether the Continent’s energy-cost competitiveness can withstand a prolonged Hormuz disruption.
The Patrick Bruel #MeToo affair entered a new phase on Monday 18 May 2026 with the singer breaking his silence on Instagram, denying allegations from over 30 women whose complaints have now been regrouped at the Nanterre prosecutor’s office.
Israeli naval commandos intercepted at least 31 vessels of the Global Sumud Flotilla in international waters off Cyprus on Monday 18 May 2026, halting an aid mission comprising more than 50 boats that had departed from Marmaris, Turkey, on 14 May. Turkey condemned the operation as piracy.
The EU-Mercosur agreement enters provisional application on 1 May, but its real significance is strategic, not commercial: it is the EU’s most explicit answer to the Trump administration’s protectionist turn, and a test of whether democracies can still write the rules of global trade.
EU co-legislators reached agreement in the early hours of 7 May 2026 on the AI Act Digital Omnibus, deferring high-risk AI obligations from 2 August 2026 to 2 December 2027 whilst adding a prohibition on AI nudification applications and AI-generated child sexual abuse material. Co-rapporteurs Kokalari and McNamara characterised it as ‘simplification without weakening safety’.
Industrial production in the euro area rose 0.2% in March and 0.8% in the EU compared with February, according to Eurostat data published on 13 May. The annual comparison remains firmly negative, with output down 2.1% in the euro area and 1.0% in the EU, reflecting the cumulative impact of the Iran energy shock on European manufacturing.
Italian Prime Minister Giorgia Meloni’s diplomatic tour reinforces ties with Gulf states amid concerns over freedom of navigation in the Strait of Hormuz.
The European External Action Service is finalising a 19th sanctions package focusing on tankers and intermediaries facilitating circumvention of the G7 oil price cap.
Paris is spearheading a renewed drive for joint defence procurement amongst willing member states, pointing to recent security incidents in the Mediterranean as evidence of pressing capability gaps.
Budapest single-handedly prevented agreement on the latest €18 billion macro-financial assistance package for Ukraine, prompting frustration amongst the other twenty-six Member States.
