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Brent Recovers to $83.80/bbl

Slovakia may boost Russian gas as EU prices surge; Qatar warns Iran conflict could halt Gulf exports
Published: March 6, 2026
Written by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
Reviewed by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
4 page report
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The May’26 Brent Futures contract rallied to $87.62/bbl at 09:58 GMT before softening to $86.83/bbl at 10:11 GMT. Prices have since rallied back up to $87.74/bbl at 11:10 GMT (time of writing).

In the news, Slovakia’s state gas company SPP is negotiating with Russia’s Gazprom to increase gas imports in 2026–2027 as Europe faces rising energy prices and supply uncertainty. EU gas prices have surged about 50% this week after Qatar halted LNG exports amid the escalating Iran conflict, tightening global supply. Slovakia previously relied heavily on Russian gas but received only about one-third of its supply from Russia in 2025 after transit via Ukraine ended. If talks succeed, Russian gas could meet up to 100% of Slovakia’s demand until 2027, despite EU efforts to phase out Russian energy. In other news, Qatar’s Energy Minister Saad al-Kaabi warned that if the Iran conflict continues, Gulf energy exporters could shut down oil and gas exports within weeks, potentially driving crude prices to $150/bbl. Al-Kaabi said other Gulf producers may soon declare force majeure as shipping through the Strait of Hormuz becomes unsafe. Even if the war ends quickly, restoring normal LNG deliveries could take weeks or months. The disruption could trigger global energy shortages, rising prices, slower economic growth, and delays to QatarEnergy’s major North Field expansion project. Finally, at the time of writing, the front-month May/Jun’26 and six-month May/Nov’26 spreads are at $4.70/bbl and $13.90/bbl respectively.

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