Oil prices rose on Wednesday as tensions between the U.S. and Iran increased. Reports that the U.S. will send a second aircraft carrier to the Middle East supported the market. Investors also reviewed U.S. economic data and looked ahead to travel demand for an upcoming Chinese holiday. Brent crude climbed nearly 1% to $69.40 per barrel, while WTI rose 1% to $64.63 per barrel.

UK gas prices received slight support from forecasts of colder weather later in February. The British spot gas price edged up 0.2% to 79.42 p/therm, although temperatures are expected to stay near normal overall. Stable gas supplies from Norway and Algeria limited gains. Further ahead, the Summer 2026 contract rose 0.3% to 71.50 p/therm, supported by relatively low EU gas storage levels of around 36%.