Oil prices rose by around 2% on Wednesday, driven by a weaker dollar and lower global supply forecasts from the U.S. Energy Information Administration (EIA). The U.S. reinstating sanctions on Iran and Venezuela has raised concerns about tighter supply. Brent crude closed at $70.95 per barrel, while WTI settled at $67.68 per barrel. 

Near-term UK gas prices fell as stronger renewables reduced gas-for-power demand. The NBP spot price dropped 3% to 105p/therm. Meanwhile, the Summer 2025 contract dipped 1.4% to 102.77p/therm, following eased geopolitical tensions after Russia and Ukraine agreed to a temporary ceasefire.