The United Kingdom has on Tuesday announced yet more creeping escalation in the Yemen war. It is offering Saudi Arabia ‘defensive’ assistance by deploying its Typhoon fighter jets.

The British Ministry of Defence claimed the warplanes and British pilots would operate only in a “defensive role” – though its yet to be seen what exactly this will mean.

“The UK will fly defensive counter air missions to support the protection of Saudi cities and critical national infrastructure against aerial attack, using RAF Typhoon fighter jets,” the statement added.

In this current situation the line between what gets deemed defensive vs. offensive is going to be thin, at a moment Saudi territory has been coming under almost daily attack from Houthi ballistic missiles and drones. Will UK warplanes move to take out launch systems if their locations are identified in Yemen?

The kingdom’s major airports have been shuttered for the past week, with airspace effectively closed due to the missile threat, and Aramco energy sites have been pummeled.

It is almost unprecedented to see the Saudi economy, which relies heavily on foreign investments for expansion, essentially get temporarily cut off from the outside world. The kingdom has been forced to cancel over a dozen major events it was expected to host, including its annual ‘Davos in the Desert’ flagship investor conference, which was originally scheduled for next week.

Concerning the kingdom’s Future Investment Initiative, The Wall Street Journal reported that “Organizers decided Monday that if the conference goes ahead, its sessions will be held virtually rather than in person, the people said.”

The report added: “The kingdom is expected to make a decision Tuesday or earlier whether to postpone the event, they said. Postponement is the most likely outcome, some of the people said.”

UK Defence Secretary Wes Streeting has said, “The continuing attacks from the Houthis on our ally Saudi Arabia are absolutely despicable. The targeting of the airport in Riyadh in particular shows the lengths the Houthis are going to escalate the situation in the region.”

“That’s why today I have approved further UK military support. RAF Typhoons will fly defensive air missions to help protect Saudi airspace from drones and missiles. This builds on the UK equipment and personnel we already have in the country to defend against Houthi air attacks,””he added.

But how long until these warplanes become offensive?

Ansar Allah has closed the last road left open for forces and people to leave Taez. It is a question of when the city will fall. The UK will be engaged I supporting Saudi Arabia but that would bring it into an unnecessary war with no possibility to alter the outcome.

— Elijah J. Magnier 🇪🇺 (@ejmalrai) October 20, 2026

Or rather, perhaps this just appears the public-facing narrative and might in reality mark a full-fledged British entry into the conflict. Already London had pledged an aerial refueling tanker to support Saudi coalition operations over Yemen.

As for Washington, it says it is only providing an intelligence-sharing and advisory role. President Trump has not shown an appetite for getting deeper in, at a moment the Hormuz Strait crisis is still being navigated.

Back in late August, Goldman Sachs commodities expert Samantha Dart warned that EU natural gas prices would need to soar dramatically to discourage Asian LNG demand and shift cargoes to Europe amid disruptions at the Strait of Hormuz.

*EUROPE’S GAS BENCHMARK EXCEEDS €90 FOR FIRST TIME SINCE 2022

— zerohedge (@zerohedge) October 20, 2026

Fast forward to Tuesday morning, European gas prices (TTF) have topped 90 euros per megawatt-hour, the highest level since late 2022. Notably, Dart warned about where prices were headed when EU NatGas was trading around 67 euros. 

Separately, Goldman’s Daan Struyven and Dart released a new note earlier today, putting their base case for Brent crude at $90 a barrel and European benchmark EU NatGas at 70 euros by year-end, assuming a recovery in Middle Eastern supply and easing risk premiums. Brent is forecast to average $80 in 2027.

However, they warned that risks remained skewed toward the upside: Brent crude could climb to $140 early next year and average about $125 in 2027 if Gulf oil output averages 5 million barrels a day below February 2026 levels. As for EU NatGas, they warned it could soar to 150 euros if Gulf LNG exports remain at just one quarter of normal levels and a more severe winter boosts heating demand. 

Here’s what they said: 

Our base case is that a further recovery in Mideast supply and a moderation in the risk premium reduce prices of Brent crude and European natural gas to $90/bbl and EUR70/MWh, respectively, by end-2026.2 However, we remain concerned that geopolitical escalation—such as intensified shipping attacks or damage to energy infrastructure—and, for European natural gas, a cold winter could push energy prices significantly higher.

While estimated Persian Gulf exports of crude oil—including estimated dark exports— remained near their 2025 average over the past 7 days (Exhibit 2), they edged down from the early October highs as attacks on ships attempting to cross Hormuz have picked up (Exhibit 2). Estimated Gulf exports of refined oil products are much lower at around 40% of the 2025 average, in part reflecting Mideast refinery outages. Similarly, visible LNG crossings through Hormuz, have edged down this month relative to late October levels.

Misses in Mideast supply could push energy prices significantly higher: 

• Brent might rally to $140 in early 2027 and average around $125/bbl in 2027 (red line, Exhibit 4) if 2027 average Gulf output remains 5mb/d below Feb26 levels (while refined product prices would likely rise further from already very high levels)
• TTF might rally to 150 EUR/MWh by year-end if Persian Gulf LNG exports don’t improve beyond 25% of normal and if the winter realizes 1 std. dev. colder than average (Exhibit 5)

Beyond energy, the analysts noted that the Bloomberg Commodity Index delivered a 36% total return this year, outperforming equities and bonds. 

As ex-Goldman Sachs Jeff Currie, including ourselves, has pointed out, commodities have entered a period of scarcity, whether due to resource nationalism, adverse weather, supply woes, and more.

Dining out is likely to remain expensive as uneven relief in ingredient costs keeps restaurant margins under pressure.

Lower cattle prices have provided some relief this past summer, but soaring cooking-oil and grain costs, along with a rebound in chicken prices, leave little room for broad menu price cuts, according to a note from BofA restaurant analyst Sara Senatore on Friday.

Cattle prices fell 9% from a year earlier in the third quarter, reversing a 9.8% increase in the second quarter, Senatore wrote. But the futures market points to a 1.4% rise from a year earlier in the fourth quarter and a 3.9% rise from the preceding three months.

The decline in cattle prices comes as major restaurant operators face elevated prices for a wide variety of inputs. Soybean oil prices rose 35.7% in the third quarter, while wheat gained 19.6% and corn increased 10%. 

Chicken prices are also turning higher after a sharp decline over the last year. Breast prices were up 4% from October a year earlier, compared with a 36% decline in July. Wing prices rose 2%, reversing a 28% drop over the same period.

Prices 

Prices 

Impacts vary across restaurant chains. Beef and chicken account for 25% to more than 35% of food input costs at restaurants outside categories such as pizza, coffee, and desserts.

Texas Roadhouse sits at the higher end of protein exposure because its menu is mostly beef-based, while Cava and Sweetgreen sit at the lower end. These are the key restaurants Senatore covers.

Consumers hoping for relief from expensive restaurant bills may have to keep waiting. Senatore’s mixed commodity outlook gives operators little reason to think that cost pressures are over.

Food inflation is pressuring the pocketbooks of working-class consumers and has softened demand for McDonald’s, with its shares on pace for the steepest annual decline since 2002.

UBS equity trader Mark Paski recently warned that Wall Street has turned its back on consumer stocks.

Over the medium term, we see preparing meals at home as one of the best ways for consumers to save their money…

…as restaurant prices remain high, which has been the norm for many folks since the inflationary storm sparked up during the Biden-Harris years. 

Via Remix News,

French right-wing politician Éric Zemmour said Sunday that violent protests and looting the previous day revealed “the true face of the Great Replacement,” citing Palestinian, Algerian and Moroccan flags among demonstrators and alleging ties to antifascist groups and left-wing lawmakers.

During an appearance on French news network LCI, Zemmour said: “What we saw yesterday is the true face of the Great Replacement. It has an appearance: hordes of North African and African barbarians who rampage through cities.”

🇫🇷🔴 The Great Replacement is driving the French riots, says right-wing politician Éric Zemmour. “I believe that what we saw yesterday is the true face of the Great Replacement. It has an appearance: hordes of North African and African barbarians who ransack cities.” Follow: @RMXnews

— Remix News & Views (@RMXnews) October 19, 2026

It has its flags: Palestinian, Algerian and Moroccan. It has its allies, Antifa militias. It has its legal backing, the LFI deputies. It has a mode of operation: looting, raids. And finally, I would say it has an ideological, historical engine: hatred of France and revenge for colonization.”

Zemmour, a former journalist and author who leads the Reconquête party, has long promoted the “Great Replacement,” which he uses to describe native European populations being demographically supplanted by non-European immigrants, particularly from Muslim-majority countries, Africa, and Asia. The topic is openly discussed in France, including among intellectuals, academics, politicians, and even Michel Houellebecq, arguably the country’s most celebrated living author.

Zemmour’s remarks referred to massive riots on Oct. 17 that occurred in French cities across the country, where protests over the cost of living and public services turned into some of the country’s most violent demonstrations in years. Videos of burning buildings, looted stores, and violent clashes with police were spread across social media.

🇫🇷🔥 Unbelievable footage from Paris. Police are in open panic as they flee from rioters. State control has collapsed across the country. Follow: @RMXnews https://t.co/sPAoTLe8VZ

— Remix News & Views (@RMXnews) October 17, 2026

Similar unrest occurred the same weekend in northern Italy, including Milan, where youths looted shops and clashed with officers.

🇮🇹🔴 Taking inspiration from riots in France, 2nd- and 3rd-generation migrant youths in Milan looted luxury stores and supermarkets today (Oct. 18). Italian police are nowhere to be seen. Follow: @RMXnews https://t.co/eAauRfkJU4

— Remix News & Views (@RMXnews) October 18, 2026

Zemmour’s remarks came at a time when U.S. officials, including Donald Trump, have remarked on the riots as well.

“France is burning! The immigration of people from an entirely different world, people with hatred in their hearts, has shattered that once great country. Close your Borders and take control, before it is too late!” wrote Trump.

Vice President JD Vance also wrote on X: “Western liberals imported the third world into France and other countries in the name of diversity and compassion. They ignored fundamental questions of assimilation and compatibility. They were told it would lead to this and they didn’t listen.”

Western liberals imported the third world into France and other countries in the name of diversity and compassion. They ignored fundamental questions of assimilation and compatibility. They were told it would lead to this and they didn’t listen. I pray that France, a beautiful country of amazing people, will stop this madness before more of its landmarks burn. And I hope Americans are paying attention. This is the future congressional Democrats seek for your country.

— JD Vance (@JDVance) October 18, 2026

Zemmour, who finished fourth in the 2022 presidential election, has remained a prominent voice on immigration ahead of France’s next national vote, but his right-wing rival, Le Pen, is heavily favored to win the presidency. Zemmour typically polls around 5 percent in the first round.

Toyota is taking a more flexible approach to electrification, preparing to launch a redesigned Corolla in China in 2028 that can be manufactured with gasoline, hybrid or fully electric powertrains, according to Nikkei Asia. The move comes as automakers increasingly rethink their EV strategies amid slowing growth, fierce competition and uncertainty about how quickly consumers will abandon combustion engines.

Nikkei writes that the new Corolla will be built through Toyota’s FAW joint venture using a multipathway platform designed to streamline manufacturing and reduce costs. Rather than committing to a single propulsion technology, Toyota will be able to adjust production based on consumer demand and market conditions.

The shift comes as Toyota struggles in China, where August sales fell 23% year over year to 118,449 vehicles, including Lexus. Domestic competition has intensified, pricing pressure has increased and profitability has suffered. Toyota is also developing longer-range Lexus EVs and extended-range electric vehicles that use gasoline engines to generate electricity.

More broadly, the global EV industry has experienced a significant reality check over the last several years. After an initial wave of enthusiasm fueled by government subsidies, ambitious emissions targets and aggressive manufacturer forecasts, EV adoption has become increasingly uneven. Sales continue to grow globally, particularly in China, but demand in several Western markets has fallen short of earlier expectations, prompting automakers to delay investments, scale back production targets and reconsider plans to eliminate combustion engines entirely.

Companies that once promised an almost exclusively electric future are increasingly embracing hybrids and other transitional technologies. High vehicle prices, charging infrastructure limitations, changing government incentives and consumer concerns about range have complicated the transition. Toyota’s latest strategy reflects a growing recognition across the industry that the future of transportation may involve a broader mix of technologies than many manufacturers anticipated just a few years ago.

Authored by AG News Staff via American Greatness,

The European Parliament has approved a resolution condemning the Muslim Brotherhood and calling for stronger action against Islamist influence in European institutions. The resolution is a significant development in the continent’s efforts to combat political extremism.

The center-right European People’s Party spearheaded the resolution, which follows the Trump administration’s designation of the Muslim Brotherhood and four affiliated branches as terrorist organizations.

French European Parliament member Céline Imart, who sponsored the measure, celebrated the vote as a breakthrough.

“This is a historic victory because it is a European first,” Imart said, describing the resolution as Europe’s first parliamentary action specifically confronting Islamist infiltration and the Muslim Brotherhood.

The resolution warns that organized Islamist networks threaten democratic institutions, religious freedoms, the rule of law and equality between men and women.

It calls for greater scrutiny of foreign funding, particularly involving organizations connected to Qatar and Turkey, and increased transparency surrounding European Union funding of groups suspected of Muslim Brotherhood ties.

Lawmakers also urged the European Council to consider whether Brotherhood-linked individuals and organizations should be added to the EU’s terrorist list.

Lorenzo Vidino, director of George Washington University’s Program on Extremism, said conservative lawmakers overwhelmingly supported the measure, while significant portions of the political left opposed it.

Imart criticized socialist and far-left lawmakers for boycotting negotiations on the resolution.

Security experts described the vote as an important first step toward confronting Islamist organizations accused of exploiting European democratic institutions.

“This resolution is where the pushback begins against Islamist entryism in Europe,” said Edmund Fitton-Brown, a senior fellow at the Foundation for Defense of Democracies.

However, the European Network Against Racism condemned the resolution, calling it discriminatory and warning that it could unfairly target Muslim communities and civil society organizations.

The Parliament emphasized that protecting Muslims from discrimination remains essential while distinguishing religious freedom from organized Islamist political activity.

Unlike the Trump administration’s terrorist designations, the European resolution is not binding legislation. Additional action by EU institutions would be required to implement its recommendations.

Imart vowed to continue pressing European leaders to act.

“This vote is a victory, but it is also a starting point,” she said.