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<Research>JPM: Oil Prices May Return to US$120/ Barrel if Regional Conflict Further Expands; PETROCHINA (00857.HK) Liked
Recommend 19 Positive 37 Negative 15 |
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Israel's attack on Iran's South Pars gas field last weekend marks the first direct attack on energy infrastructure, according to JPMorgan's research report. If regional conflicts further escalate, oil prices may return to US$120 per barrel, JPMorgan added. The broker's 1Q26 baseline forecast for Brent oil is US$55 per barrel, excluding any geopolitical risk premium or significant oil supply disruptions. JPMorgan recommended increasing long positions in high-quality Asian energy companies, such as PETROCHINA (00857.HK), and raised its target price for PETROCHINA‘s H-shares to $8, reflecting breakthroughs in Xinjiang gas fields. The broker also suggested selling SINOPEC CORP (00386.HK), and expected its 2Q25 results to miss expectations. The broker's most bearish airlines are AIR CHINA (00753.HK) and CHINA SOUTH AIR (01055.HK). For shippers, higher freight rates are expected to offset the negative impact of increased fuel costs, with the broker favoring Evergreen Marine (2603.TT) and COSCO SHIP HOLD (01919.HK). AASTOCKS Financial News Website: www.aastocks.com |
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