Oil prices fell in early trading as recovering Middle East crude exports and G7 stock releases eased supply concerns. Brent crude dropped 0.9% to $101.32 a barrel, while WTI futures declined 1.5% to $89.75. Saudi Arabia cut Arab Light prices to Asia by $3 per barrel, widening the discount to $5.
Despite this, tensions remain high near Oman and Yemen. National Grid’s asset and earnings targets are seen as conservative by J. P.
Morgan, which maintains an overweight rating and a 14.40 pound target. Shares rose 0.8% to 11.55 pounds. Ithaca Energy made its first international acquisition offshore Canada, a move Jefferies calls accretive and strategically aligned with North Sea parallels.
Shares climbed 1.9% to 280.0 pence. Medco Energi Internasional raised 2026 capex to $450–$475 million for oil and gas and $50 million for power, targeting growth in Sakakemang and Batam. CGS International lifted its Brent assumption to $82.50–$90.00 and raised the target price to 2,270.00 rupiah.
Shares rose 1.1% to 1,390.00 rupiah. Jefferies noted National Grid’s EPS guidance now exceeds prior forecasts by 3%. Gunkul Engineering may benefit from Thailand’s power infrastructure push, driven by data centers and renewable goals, though its target was trimmed to 5.80 baht.
Shares rose 2.0% to 5.15 baht.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing