On October 20, Libya’s eastern-based House of Representatives, which operates in the region controlled by General Khalifa Haftar, unanimously ratified the 2019 maritime delimitation memorandum with Türkiye and revoked its 2020 boycott of Ankara. It is the first time both rival Libyan administrations have recognized the memorandum, which draws a maritime zone that disregards the continental shelf and EEZ claims of Greek islands such as Crete and Rhodes, in an area estimated to contain oil and gas reserves worth hundreds of billions of dollars. Greece, Cyprus, the EU, Israel and Egypt have all objected, with Athens taking the issue to the UN Security Council and the EU calling the memorandum null and void, while Turkish media hailed it as a “diplomatic victory.” The first direct consequence is being felt in the Great Sea Interconnector cable project linking Greece, Cyprus and Israel, which has an EU grant of €657 million and costs approaching €3 billion.
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XAU/USD
• NeutralRelevance: low
| Market | Gold |
|---|---|
| Close on 10/23/2026 | 3,995.78 |
| Change that session | -0.72% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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