diff --git a/requirements.txt b/requirements.txt
index d5aa4e8..3875844 100644
--- a/requirements.txt
+++ b/requirements.txt
@@ -4,6 +4,6 @@ nbsphinx==0.9.3
 jupyter_client
 QuantLib==1.38
 sphinx-copybutton==0.5.2
-Pygments==2.16.1
+Pygments==2.20.0
 pandas==2.1.2
 sphinx-rtd-theme==1.3.0