Pareto Oil & Gas-05/26/2026

Research evidence excerpt

Pareto Oil & Gas-05/26/2026

Pareto Oil & Gas

26 MAY 2026

Pareto Oil & Gas: US/Iran deal seemingly closer despite US

strikes overnight PricesBrent Oil, cont. USD/bbl Last$price98.2 bbl -1D5.1%chg. -1M(4)%chg. -3M39%chg. YTD61%chg. -1Y52%chg.

• Brent is down USD 6.1/bbl since close in Oslo Friday to USD WTIDollarOilindex "" $99.191.7 bbl (5.1)%(0.2)% (1)%0% 38%1% 60%1% (1)%50%

98.2/bbl. European gas prices down USD 1.2/mcf, trading at USD TTF Gas USD/mcf $ 16.5 mcf (4)% 7% 44% 64% 33%

16.5mcf HenryJKM GasHub Gas "" $ $19.53.0 mcfmcf (4)%(1)% 17%7% 76%(5)% (21)%96% (11)%52%

TTF avg. '26e fwd " $ 16.2 mcf (3)% 5% 46% 67% 38%

• US/Iran agreement seemingly closer: Over the weekend Trump HHJKMavg.avg.'26e'26efwdfwd "" $ $16.53.7 mcfmcf (1)%(2)% (3)%7% 49%(8)% 65%(3)% (16)%30%

first suggested the sides were close, then told negotiators “not to FuelGasoilOil- Europe- Singapore USD/bbl'' $ $169.487.3 bblbbl 2% - (5)%2% 55%48% 82%88% 87%50%

rush” into a deal, while Rubio floated a Monday signing. Iran’s Jet Fuel - Singapore '' $ 135.8 bbl (7)% (28)% 47% 67% 75%

spokesman Baqai pushed back directly stating that “a large Gasoline - US USD/gallon $ 3.2 gal (4)% (4)% 44% 88% 51%

portion of issues are concluded, but “no-one can make such a (%)

claim” that signing is imminent”. The MoU reportedly covers a 60- FuturesBrent Oil, 2026 USD/bbl $Current93.9 bbl 97.5-1D 93.4-1M 63.9-1Y -1D-4 chg.% -1M1 chg.% -1Y47chg.%

day ceasefire extension, reopening of the Strait of Hormuz (within BrentBrent Oil,Oil, 20272030 '''' $$ 79.072.2 bblbbl 72.280.9 70.978.9 67.264.9 -20 %% 20 %% 227 %%

30 days) and a framework for further nuclear talks. A new TTF Gas, 2026 USD/mcf $ 16.2mcf 16.8 15.4 11.8 -3 % 5 % 38 %