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GAS OIL Crude oil prices saw their third straight week of gains, driven by escalating geopolitical tensions and technical market dynamics. The week began with the U.S. capture of Venezuelan leader Nicolas Maduro, adding short-term uncertainty, though Venezuela accounts for only about 1% of global supply. Later, unrest in Iran and U.S. threats of military action, along with the seizure of two Venezuelan-linked tankers, heightened supply security concerns. Mixed inventory data crude draws offset by gasoline builds added ——nuance, while OPEC+ hinted at deeper 2026 cuts to prevent oversupply. Brent briefly fell below $60 a barrel, but rebounded sharply, and overall, geopolitical risk and technical buying pushed prices higher by week’s end. Finally, Brent soared by over 4% for the week, closing at $63.34 a barrel. January 12, 2026 -105203550658095110Q2 26Q3 26Q4 26Sum26Win26Sum27p/thermChange in Gas Prices02.01.202609.01.20265859606162636402.01.2605.01.2606.01.2607.01.2608.01.2609.01.26$/bblBrent British near-term gas prices fell over the past week as warmer weather revisions reduced demand expectations. Robust Norwegian and LNG flows also put pressure on prices. As a result, NBP spot shed by over 6% for the week, ending at 73.35 p/therm ,despite strong storage withdrawals. Along the forward curve, the gas price for Sum-26 delivery dropped by over 4% for the week, closing at 64.18 p/therm as strong supply as well as warmer, windier forecasts outweighed short-lived volatility from linepack shortages and geopolitical tensions.