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GAS OIL Oil prices lost ground on a weekly basis, marking their steepest weekly drop since 2022 ahead of U.S. Iran talks –aimed at securing a permanent ceasefire. Despite the decline, prices stayed elevated as ongoing attacks, restricted flows through the Strait of Hormuz, and concerns over Saudi supply disruptions kept physical markets tight. As a result, Brent crude plummeted by around 13% ending at $95.20 a barrel on Friday. April 13, 2025 50658095110125140Q3 26Q4 26Q1 27Win26Sum27Win27p/thermChange in Gas Prices06.04.2610.04.2685909510010511011506.04.2607.04.2608.04.2609.04.2610.04.26$/bblBrentUK gas markets were initially steady amid thin liquidity, then surged on escalating US Iran tensions and supply disruption –fears. A ceasefire and easing concerns around the Strait of Hormuz triggered a sharp correction downside, though lingering uncertainty over LNG flows and shipping constraints kept volatility elevated. Later maritime security concerns briefly supported prices again. Overall, pricing was driven by shifting geopolitical risk and LNG supply expectations. Finally, week-on-week, NBP spot fell by 11% to 112 p/therm, while NBP Winter 26 dropped by around 8% to 110 p/therm.