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GAS OIL Crude oil prices slumped over the week, recording their steepest decline since March 2023. A ceasefire between Israel and Iran eased significant fears of supply disruptions at the Strait of Hormuz. However, prices regained some ground later in the week after the U.S. Energy Information Administration reported a larger-than-anticipated decline in U.S. crude inventories, coupled with reports that OPEC+ was mulling a potential production hike in August. Consequently, Brent crude tumbled by 12% for the week, closing at $67.77 June , 2025 3050658095110Q1 26Q2 26Q3 26Win25Sum26Win26p/thermChange in Gas Prices20.06.2527.06.2562646668707274767820.06.2523.06.2524.06.2525.06.2526.06.2527.06.25$/bblBrentBritish near-term gas prices plummeted for the week as an oversupplied UK gas system, supported by steady Norwegian and domestic output, allowed storage sites to continue replenishing their inventories. As a result, NBP spot slumped by over 21% for the week , ending at 76 p/therm. Along the forward curve, the gas price for Win-25 delivery plunged by 17% for the week , as the announcement of a ceasefire between Israel and Iran triggered a sharp decline in UK and European gas prices.