Energy/resource monthly (June 2026)

Research evidence excerpt

Energy/resource monthly (June 2026)

16 June 2026

Mizuho Securities Equity Research Cross-sector Research / Energy and Resources

Industry Overview

Crude oil prices drop to $80 range on reports of US-Iran agreement

Electric power & energy Summary

Senior Analyst: For the energy and commodity stocks under our coverage, the oil &

Norimasa Shinya coal products index (down 0.6%), trading company index (down 0.8%),

+81 3 6202 8313 electric power & gas index (down 2.7%), and mining index (down 13.6%)

norimasa.shinya@mizuho-sc.com underperformed TOPIX (up 6.2%) in May. Expectations for an Iran War

ceasefire and the reopening of the Strait of Hormuz caused oil prices

Trading companies to decline, which will likely be a short-term headwind. The Japanese

government expects to secure alternative crude oil equivalent to aboutSenior Analyst:

100% of its average July supply, and our focus is on whether the oil refiningKanako Mizuno

sector can resume exports in 2Q and beyond. Trading companies: The drop+81 3 6202 8130

kanako.mizuno@mizuho-sc.com in crude oil prices following media reports about an agreement to end the

US-Iran war could put downward pressure over the short term on earnings at

Electric power & energy Mitsubishi and Mitsui, as they have significant energy operations. However,

we think that this negative may be offset by high market prices for LNGAnalyst: and chemicals. We will continue to monitor market price trends. For metalKanato Isobe commodities, iron ore prices are easily affected by a drop in crude oil prices+81 3 6202 8140

since these prices are for cost and freight together, and prices have recentlykanato.isobe@mizuho-sc.com

fallen to around $100/MT, the level it was at before the situation in the Middle

East worsened.

Crude oil, LNG, and domestic refining margins