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GAS OIL Oil prices were also highly volatile last week, driven by rapidly shifting geopolitical developments around the US Iran conflict –and the Strait of Hormuz. Early in the week, prices surged amid increased tensions and concerns over restricted maritime flows following US naval actions, before reversing as renewed diplomatic signals and potential talks between Washington and Tehran improved sentiment. Midweek, markets moved sideways as conflicting signals from ceasefire discussions and ongoing security risks kept traders uncertain about supply stability. Towards the end of the week, prices initially rebounded on renewed optimism linked to diplomatic progress, but then dropped sharply after Iran confirmed the Strait of Hormuz would remain open and shipping flows resumed, easing supply disruption fears. Finally, Brent crude plunged by over 5% for the week, closing at $90.38 per barrel. April 20, 2025 50658095110125Q3 26Q4 26Q1 27Win26Sum27Win27p/thermChange in Gas Prices10.04.2617.04.26848688909294969810010210.04.2613.04.2614.04.2615.04.2616.04.2617.04.26$/bblBrentUK gas prices were highly volatile last week, driven primarily by shifting geopolitical developments and changing expectations for global LNG supply. Early in the week, prices rose on escalating tensions around the Strait of Hormuz and fears of supply disruptions, before reversing sharply as peace talks between the US and Iran gained momentum. Midweek trading remained mixed, with intermittent support from renewed diplomatic signals and weather-related demand expectations, while strong Norwegian supply and improving storage conditions added downward pressure. Towards the end of the week, sentiment turned decisively bearish after news of a reopening of the Strait of Hormuz and improved supply outlooks, leading to a broad sell-off. Thus, NBP spot lost 12% to settle at 98.50 p/therm, while the Win26-delivery contract ended 10% down at 78 p/therm.