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Oil Prices Start The Week Lower Amid Uncertainty Over Trump’s Policies

Oil prices have opened the week on a downward note, as the market shifts focus to the incoming US President, Donald Trump. One of his first anticipated actions in office is the potential easing of sanctions imposed on Russia by his predecessor, Joe Biden.

Key Market Developments

  • Brent crude futures dropped by 0.28%, trading at $80.56 per barrel.
  • US light crude remained relatively steady, losing just 2 cents in the previous session, now sitting at $77.88 per barrel.
  • Despite the drop, both benchmarks posted a 1% increase last Friday, marking a fourth consecutive week of gains. This followed sanctions targeting Russian oil giants Gazprom Neft and Surgutneftegaz, actions that disrupted the Russian oil industry, potentially cutting supplies by 700,000 barrels per day.

These sanctions have sent Moscow’s major customers, notably China and India, on the hunt for alternative oil sources, driving up delivery prices significantly.

The Focus Shifts To Trump’s Inauguration

The market’s attention is now squarely on Trump’s inauguration, with speculation about what immediate decisions he may make. Analysts expect Trump to announce moves designed to stimulate the economy, such as lifting the moratorium on licenses for US liquefied natural gas (LNG) exports, a step aimed at bolstering US energy exports and market influence.

Market Outlook: Uncertainty Looms

While recent sanctions on Russia have put pressure on global oil supplies, particularly impacting the flow of nearly 1 million barrels per day, analysts from ANZ suggest that the recent price hikes may be temporary. Trump’s pledges to swiftly end the Russia-Ukraine conflict could lead to the easing of some sanctions, potentially stabilizing the oil market and softening prices shortly. The direction Trump takes on this issue will be crucial in determining the future of both global energy supplies and oil prices.

Europe’s Deadly Summer Heat Exposed The Cost Of A Warming Continent

Europe experienced its deadliest summer for heat-related deaths on record in 2026, with an estimated 24,400 excess deaths linked to extreme temperatures across 30 countries. Researchers estimate that human-induced climate change was responsible for around 32,000 of the deaths attributed to heat in the study’s broader analysis, accounting for 65% of the total.

The findings highlight the growing public-health consequences of global warming, largely driven by fossil fuel use, as extreme heat becomes more frequent and severe.

A Summer Of Dangerous Heat

Between June and August, heatwaves pushed temperatures in Western Europe to an average of 2.9°C above the 1991–2020 norm, with some days reaching 12°C above average. Nearly a third of estimated heat-related deaths occurred during a particularly intense heatwave between 17 June and 1 July.

“These numbers are a stark reminder that our hotter, more extreme summers are having an increasingly severe impact on public health,” said Dr Clair Barnes, a researcher at Imperial College London and co-author of the study.

The estimated toll exceeded previous peaks of around 29,000 deaths in summer 2022 and 28,000 in 2003 across the region studied.

How Researchers Estimated The Toll

Researchers modelled the relationship between temperature and mortality across 854 urban areas in the EU, UK, Norway and Switzerland, covering around 40% of the population in the 30 countries studied.

The analysis incorporated temperature records, age, socioeconomic conditions, environmental factors and access to healthcare. By comparing actual temperatures with those expected without human-induced warming, the team estimated the additional deaths attributable to climate change.

Final official mortality figures for summer 2026 are not yet available in many countries, and heat-related deaths are often underreported because their effects can be difficult to identify directly.

Older People Face The Greatest Risk

People aged 85 and over accounted for roughly half of the estimated deaths. However, the impact extended across age groups, with around 800 excess deaths among adults aged 20–44 and approximately 6,000 among people under 65.

Southern Europe experienced the highest mortality burden, reflecting hotter temperatures and other vulnerabilities, including air pollution, limited green space and unequal access to healthcare and heat-alert systems.

Italy, France And Spain Record Highest Toll

Italy recorded an estimated 13,303 heat-related excess deaths, followed by France with 7,268 and Spain with 6,824. Germany recorded around 6,340, while the UK saw an estimated 4,354 deaths.

In the UK, the heat also placed significant pressure on healthcare services. Andrew Hartle, Professor of Practice of Anaesthesia at Imperial College Healthcare, said demand during the summer resembled that of a severe winter virus season.

Cities Urged To Strengthen Heat Protection

Researchers say cities can reduce the risks through climate shelters, external shading and building retrofits, alongside measures to help residents avoid exposure during the hottest hours. Checking on vulnerable people, staying hydrated and following heat alerts are also important.

The researchers stress that adaptation must go hand in hand with reducing fossil fuel use to limit further warming. The findings underline that extreme heat is already a major public-health threat across Europe, with thousands of lives at risk each summer.

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