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February 23, 2026

GAS

British near-term gas prices increased marginally for the Change in Gas Prices
week as geopolitical risks and tightening LNG market 110
sentiment outweighed the bearish impact of warmer 95
weather. As a result, NBP spot rose by 0.3% to 80.25 80
p/therm. p/therm 65
50
35
Along the forward curve, the gas price for Sum-26 delivery 20
soared by 3.7% to 74.91 p/therm, as negotiations between
5
the United States and Iran remained stalled, alongside -10
Iranian announcements of planned rocket launches and Q2 26 Q3 26 Q4 26 Sum26 Win26 Sum27
temporary restrictions in parts of the Strait of Hormuz, 13.02.2026 20.02.2026
raising concerns over possible supply disruptions.

OIL

Crude oil prices climbed sharply over the week, hovering
near their highest levels in more than six months. Brent
73
Escalating tensions between the United States and Iran 72
weighed on the market sentiment, as both sides stepped 71
up military activity in the key oil-producing region.
70
The rally was further fueled by mounting concerns over the
potential impact of a conflict on crude exports from Iran $/bbl 69
and the broader Middle East, including threats of 68
confrontation and brief disruptions to shipping through the 67
Strait of Hormuz, which heightened fears of supply risks, 66
alongside a sharp draw in US crude inventories.
65
13.02.26 16.02.26 17.02.26 18.02.26 19.02.26 20.02.26
Hence, Brent crude soared by about 6% to settle at $ 71.76
a barrel.