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GAS OIL Oil markets extended their gains last week as tensions between Israel and Iran intensified. Attention remains on the Strait of Hormuz, a vital artery for global oil shipments that has often been impacted by regional unrest. Reports suggest that commercial vessels are now being warned to steer clear of Iranian waters near the strait. A potential closure could disrupt the flow of up to 20 million barrels of oil per day. Nevertheless, the price gains were limited by the announcement of new U.S. sanctions against Iran, targeting two Hong Kong-based companies and including additional counterterrorism measures. Finally, Brent crude soared by about 4%, closing at $77 a barrel. June 23, 2025 50658095110Q3 25Q4 25Q1 26Win25Sum26Win26p/thermChange in Gas Prices13.06.2520.06.25707172737475767778798013.06.2516.06.2517.06.2518.06.2519.06.2520.06.25$/bblBrentBritish short-term gas prices jumped over the week, largely due to summer maintenance work, with reduced flows from Norwegian gas fields Gullfaks, Oseberg, and Nyhamna. Consequently, the NBP spot price surged by more than 6% for the week, closing at 96.70 p/therm. Along the forward curve, the gas price for Win-25 delivery spiked by over 8% for the week, mainly driven by renewed tensions between Israel and Iran in the Middle East, which heightened concerns about possible LNG supply disruptions through the Strait of Hormuz.