Brent crude futures closed up 6.3% at $107.6 per barrel, the highest since May 19, 2026, after reports that Iran attacked two US warships and eight oil tankers near the Strait of Hormuz in retaliation for reports that the United States destroyed five Iranian oil tankers. Meanwhile, reports suggest China's oil demand is likely recovering, with oil traders estimating that China has bought more than 20 million barrels of crude from West Africa, Canada and Colombia over the past two to three weeks, and China's seaborne crude imports are expected to rise to 8.5-9.0 million barrels per day from 7.0 million barrels per day in July 2026. Dao Securities said it views this news as positive for the short-term crude price outlook, which it believes will remain elevated, and it is maintaining its average Dubai crude price assumption of $85.0 per barrel for this year and its market-weight investment stance on the energy sector. It continues to favour PTTEP with a buy rating and a target price of 180.00 baht, based on expected average selling prices that remain high in the third quarter of 2026.
PTT Exploration and Production Public Company LimitedDao Securities maintains buy rating and 180 baht target on PTTEP, citing elevated crude prices and high expected Q3 2026 selling prices.
