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GAS OIL Oil prices rose last week, driven by tariff news and geopolitical risks. Last week’s main event was President Trump’s executive order imposing tariffs ranging from 10% to 41% on imports from dozens of countries that missed the August 1 deadline for U.S. trade agreements. Canada, Brazil, India, and Taiwan were affected, while the European Union, South Korea, Japan, and the U.K. obtained exemptions. These measures heightened uncertainty in global oil flows and caused volatility in commodity markets, especially as focus shifts to ongoing U.S.-China trade talks. Hence, Brent crude increased by 2% for the week, closing at $69.67 a barrel. August 4, 2025 50658095110Q4 25Q1 26Q2 26Win25Sum26Win26p/thermChange in Gas Prices25.07.2501.08.2566676869707172737425.07.2528.07.2529.07.2530.07.2531.07.2501.08.25$/bblBrentBritish gas prices rebounded on a weekly basis amid supply worries, triggered by an unexpected outage in Norway, nuclear problems in France, strong demand in Asia, and recent concerns over possible new US sanctions on Russia. As a result, NBP spot soared by 3% for the week, ending at 81 p/therm. Along the forward curve, the gas price for Win-25 delivery increased by 2% week-on-week, driven by Trump’s decision to shorten his ultimatum to Russia to 50 days, intensifying tensions and the threat of sanctions that could restrict Russian energy exports.