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GAS OIL Crude oil prices rose over the week as escalating Middle East tensions, including Houthi attacks on vessels, fueled geopolitical concerns. The IEA’s projection of a tighter short-term market added support. Despite briefly falling below $70 a barrel on Thursday due to OPEC+ production increases, Brent still ended the week 3% higher at $70.36. July 14, 2025 50658095110Q4 25Q1 26Q2 26Win25Sum26Win26p/thermChange in Gas Prices04.07.2511.07.25676869707104.07.2507.07.2508.07.2509.07.2510.07.2511.07.25$/bblBrentBritish near-term gas prices surged for the week as the UK prepared for a second heatwave. Furthermore, rising air conditioning demand in Asia was reportedly driving up hub prices, intensifying competition for LNG, a key supply source that has helped the UK and EU weather the energy crisis. As a result, NBP spot spiked by 7% for the week, ending at 84 p/therm. Along the forward curve, the gas price for Win-25 delivery soared by over 4% for the week, closing at 96.16 p/therm, driven by heightened geopolitical risks, including threats to Strait of Hormuz shipping and market anxiety ahead of Trump’s upcoming statement on Russia.