JPMorgan raised the firm’s price target on ConocoPhillips (COP) to $135 from $103 and keeps a Neutral rating on the shares. The firm says oil market fundamentals “shifted on a dime” due to the Middle East conflict. The war has significantly reduced global productive capacity and “quickly evaporated the risk” of a supply glut in 2026 following the closure of the Strait of Hormuz, the analyst tells investors in a research note. JPMorgan would not be surprised to see a $5-$10 per barrel geopolitical risk premium embedded into the long-end of the oil price curve.
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