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GAS OIL Crude oil prices rose last week mainly due to tight physical supply caused by disruptions in Middle Eastern flows, especially restrictions through the Strait of Hormuz and reduced Iranian exports. These supply constraints were compounded by geopolitical tensions, including U.S. Iran standoff –risks and attacks on energy infrastructure, which reinforced concerns over global shortages. At the same time, floating storage buildup, limited export capacity, and rising competition for refined products added further upward pressure, keeping prices elevated despite short-term volatility. Hence, Brent crude soared by about 3% for the week, closing at $108.17 a barrel. May 4, 2026 0153045607590105120135Q3 26Q4 26Q1 27Win26Sum27Win27p/thermChange in Gas Prices24.04.202601.05.20269510010511011512024.04.2627.04.2628.04.2629.04.2630.04.2601.05.26$/bblBrentUK near-term gas prices rose over the week, supported by reduced Norwegian supply, concerns over a warm and dry summer, and very low storage levels. Ongoing and extended outages at Troll, Kollsnes and Oseberg tightened forward expectations, while weaker LNG send-out and limited cargo arrivals added to worries about import flexibility. As a result, NBP spot edged 1.5% higher at 111.90 p/therm. Along the forward curve, the gas price for Win-26 delivery increased by 2% to 115.39 p/therm, supported by stalled U.S. Iran negotiations and rising –rhetoric around the Strait of Hormuz.