EU-Canada “associate member” push: The EU floated a new associate membership model for Canada amid US trade pressure, sparking political debate on sovereignty and obligations while Carney and von der Leyen frame it as a deeper security, trade and energy alliance. Middle East supply shock: With the Strait of Hormuz still constrained, CENTCOM says oil flows remain high, but shipping risk and tanker rates are surging; at the same time, Saudi Aramco has told European refiners they’ll get no Saudi crude in October after pipeline damage, tightening supply. Oil price pressure in Europe: Brent stays above $100 as disruptions persist, while governments scramble—Germany cuts fuel taxes to ease petrol/diesel costs and France faces a retail fuel shortage with 11% of stations out of stock. EU-China trade curbs: The EU ramps up China-related trade restrictions, including quotas and minimum prices for electrical steel and downstream products, raising cost and competitiveness concerns. Russia-linked energy politics: Reuters reports Germany’s AfD and a Putin envoy are preparing talks on resuming Russian gas, while Macron warns of intensifying Russian hybrid threats and calls for a G7 energy meeting. Fiscal strain meets energy costs: France’s debt is set to hit record highs, and EU finance ministers discuss a possible windfall tax on energy firms as fuel prices spike. AI meets power demand: An IMF note warns AI could lift EU productivity but also strain grids and widen inequality, with data centres already consuming a growing share of electricity.