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GAS OIL Crude oil prices gained ground last week due to renewed geopolitical risks, including Iran suspending cooperation with the UN nuclear watchdog and fears of reinstated US tariffs. However, expectations of increased OPEC+ supply and a weaker demand outlook continued to limit gains. Additionally, strong inventories weighed on prices, while global demand growth forecasts were revised downward. Finally, Brent crude edged 1% higher for the week, settling at $68.30 a barrel. July 07, 2025 50658095110Q4 25Q1 26Q2 26Win25Sum26Win26p/thermChange in Gas Prices27.06.2504.07.2565666768697027.06.2530.06.2501.07.2502.07.2503.07.2504.07.25$/bblBrentBritish near-term gas prices rose last week due to increased cooling demand amid a heatwave, low wind generation, and an outage at the Easington terminal that cut supply by 5 mcm/d, boosting gas demand for power generation. However, prices eased later in the week as milder weather forecasts, strong LNG flows, and investor sell-offs pressured the market. As a result, NBP spot added 3% to end at 78.50 p/therm on Friday. Along the forward curve, the gas price for Win-25 delivery surged by 1.2% week-on-week, to settle at 92.31 p/therm as uncertainties in the Middle East remain in focus following Iran’s suspension of cooperation with the UN nuclear watchdog, which could reignite tensions with Israel or the U.S.