you should be able to do it like so:
<img src="%url%">
<img src="%url%">
just make sure that you don't have a <br> at the end of the code for the first picture.
Also, if you need to shrink the "space" around the image, try this:
<img src="photos/mypicture.jpg" style="padding-left: 0pt; padding-top: 0pt; padding-bottom: 0pt; padding-right: 0pt">