European stock markets opened on a weak note today following a slight increase in the previous session. The ongoing conflict in the Gulf region, where Iran is targeting energy infrastructure, remains a focal point of concern for investors. According to the Wall Street Journal, some non-Iranian ships have been permitted to transit through the Strait of Hormuz, suggesting that Tehran may have negotiated specific transit agreements with a few countries. Despite the uncertainty caused by these geopolitical tensions, oil prices remain at record highs, with Brent crude briefly exceeding 105 dollars a barrel. Additionally, the price of gas has shown significant pressure, trading above 50 euros per megawatt hour this morning.

Eni, the Italian multinational gas and oil company, has announced the commencement of gas supply from the Quiluma field located in offshore Angola. The initial export of natural gas from Quiluma is set at 150 million standard cubic feet per day, with plans to increase production to 330 million by 2026. This move is critical for Eni as it aims to expand its supply sources while contributing to energy security, particularly in light of the fluctuating prices caused by ongoing geopolitical tensions. The rising cost of oil and gas, coupled with Eni's new supply, will have significant implications for European markets and economies relying on these energy resources.