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GAS OIL Brent crude increased sharply week-on-week, hovering at its highest level since July 2022 amid tight supply conditions, with disruptions in the Strait of Hormuz affecting around 12 million barrels per day through reduced exports, delays, and production cuts. Ongoing attacks on energy infrastructure in the Middle East further supported prices, as Iran targeted oil facilities in Kuwait, Saudi Arabia, and the UAE. In Kuwait, drone strikes caused fires at the Mina Al-Ahmadi and Mina Abdullah refineries before being contained, reinforcing bullish sentiment driven by geopolitical risks. As a result, Brent surged by 9% over the week, settling at $112.19 per barrel. March 23, 2026 0153045607590105120135150165Q2 26Q3 26Q4 26Sum26Win26Sum27p/thermChange in Gas Prices13.03.202620.03.2026909510010511011513.03.2616.03.2617.03.2618.03.2619.03.2620.03.26$/bblBrentBritish near-term gas prices rallied for the week as Norwegian gas flows declined due to ongoing maintenance across the fleet. A sharp escalation in Middle East tensions, with both Israel and Iran targeting critical energy infrastructure across the Gulf region lent further upward pressure. As a result, NBP spot jumped by 19% for the week, ending at 149.75 p/therm. Along the forward curve, the gas price for Sum-26 delivery spiked by 21% for the week, closing at 148.24 p/therm after Iranian missile strikes on the Ras Laffan LNG terminal, with about 20% of capacity expected to be offline for several years. The disruption tightens global LNG supply, supporting prices, while Asian buyers—Qatar’s main customers—are likely to seek alternative sources such as US LNG, increasing competition with Europe.