A two-week ceasefire between the U.S. and Iran, along with improving transit through the Strait of Hormuz, caused oil prices to fall sharply. The agreement, helped by Pakistan, calmed markets, though stability depends on uninterrupted flows. Brent crude dropped 13% to $94.75 per barrel, while WTI fell 16% to $94.41.

Gas prices also declined. The UK NBP spot contract fell 14% to 114 p/therm, supported by strong supply from Norway and steady deliveries from Algeria. On the forward curve, the Winter 2026 contract dropped 14.7% to 115 p/therm as the ceasefire reduced risk and improved expectations for LNG supply, though impact may be limited without Qatar restarting.