Oil futures recovered from recent lows as tensions between the U.S. and Iran eased, though risk premiums remain volatile. WTI settled up 2.2% at $70.75 a barrel, while Brent rose 1.6% to $73.15. Analysts suggest that depleted reserves will likely support prices even if flows through the Strait of Hormuz remain steady.

Jefferies raised its price target for Iwatani to 2,000 yen, citing a tailwind from higher liquefied petroleum gas prices driven by Middle East instability. Lower helium output from the region further helps the company's Southeast Asian supply dynamics. However, the bank maintains a hold rating until Iwatani improves shareholder returns and hydrogen investments.

Morgans upgraded Karoon Energy to a buy rating after the company restarted its SPS-92 well in Brazil. This well is the largest by output at the Bauna oil field and was restored using a new electrical submersible pump. Shares jumped 5.1% to A$1.445 as analysts argued the stock was trading too low.