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GAS OIL Crude oil prices climbed sharply over the week, hovering near their highest levels in more than six months. Escalating tensions between the United States and Iran weighed on the market sentiment, as both sides stepped up military activity in the key oil-producing region. The rally was further fueled by mounting concerns over the potential impact of a conflict on crude exports from Iran and the broader Middle East, including threats of confrontation and brief disruptions to shipping through the Strait of Hormuz, which heightened fears of supply risks, alongside a sharp draw in US crude inventories. Hence, Brent crude soared by about 6% to settle at $ 71.76 a barrel. February 23, 2026 -105203550658095110Q2 26Q3 26Q4 26Sum26Win26Sum27p/thermChange in Gas Prices13.02.202620.02.202665666768697071727313.02.2616.02.2617.02.2618.02.2619.02.2620.02.26$/bblBrentBritish near-term gas prices increased marginally for the week as geopolitical risks and tightening LNG market sentiment outweighed the bearish impact of warmer weather. As a result, NBP spot rose by 0.3% to 80.25 p/therm. Along the forward curve, the gas price for Sum-26 delivery soared by 3.7% to 74.91 p/therm, as negotiations between the United States and Iran remained stalled, alongside Iranian announcements of planned rocket launches and temporary restrictions in parts of the Strait of Hormuz, raising concerns over possible supply disruptions.