Brent fell toward USD 65 after OPEC+ fast-tracked supply hikes, though actual market impact is dampened by compensation cuts. Hedging activity picked up as prices dipped, with analysts seeing value below USD 65. Meanwhile, uncertainty looms ahead of the July 9 tariff deadline, adding pressure to an already cautious energy market.

Brent hovered near USD 76 as geopolitical tensions remained high, with markets closely watching Trump’s next move. Gasoil cracks surged past USD 26 on refinery attacks and Hormuz concerns. TTF gas climbed to EUR 41/MWh, driven by strikes on key infrastructure, weak EU storage at 54%, and rising summer demand.

Brent climbed toward USD 80 as Middle East tensions escalated, though fundamentals suggest downside ahead. TTF gas rose on Israeli and Iranian supply disruptions, while EU storage lags at 53%. Hormuz risks persist, and high hedge ratios are advised for H2 2025.