Farmers in Sicily, protesters in France, Italy, Portugal and Spain are taking to the streets over soaring fuel and living costs, driven partly by the US-Iran war that began in February and sent energy prices higher. The European Commission estimates the conflict has cost Europe roughly $112 billion, with gas prices up about 140% and diesel prices doubled. In France, unrest that began over school facilities has become some of the worst in decades, and President Macron acknowledged the “legitimate demands” of protesters while condemning looting and violence. Analysts say rising living costs are boosting far-right and hard-left parties ahead of next year's elections, with Marine Le Pen's ratings improving since the Iran war began, according to Elabe polling. Some politicians on both extremes argue that restoring energy ties with Russia would lower costs, challenging Europe's consensus on supporting Ukraine.
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Related tickers and likely impact
EUR/USD
▼ Likely negativeRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/19/2026 | 1.12125 |
| Change that session | -0.24% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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