JPM | US Energy: US/Iran Truce Again, 80 Mines in SOH, VLCC Loadings Continue, Russia "Ready for Talks, Oil Vol 4mo Low, Drilling Activity Picks Up, Upgrade PRIM, Initiate INIO @ OW, Clean Tech IPOs, WMB Deal

Research evidence excerpt

JPM | US Energy: US/Iran Truce Again, 80 Mines in SOH, VLCC Loadings Continue, Russia "Ready for Talks, Oil Vol 4mo Low, Drilling Activity Picks Up, Upgrade PRIM, Initiate INIO @ OW, Clean Tech IPOs, WMB Deal

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 29 June 2026

JPM | US Energy: US/Iran Truce Again, 80 Mines in SOH, VLCC Loadings

Continue, Russia “Ready for Talks, Oil Vol 4mo Low, Drilling Activity Picks

Up, Upgrade PRIM, Initiate INIO @ OW, Clean Tech IPOs, WMB Deal

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today

• US & Iran Call Truce Ahead of Talks

• 80 Mines in SOH Routes

• VLCC Loadings Resume Sunday/Monday

• China June LNG Imports Flat YoY, Pakistan Tender

• Russia “Ready for Talks,” Domestic Pains Rise

• Oil Volatility Falls to 4mo Low

• Drilling Activity Continues to Rise

• Clean Tech Record IPO Year

• China Solar Assets Sell at Discount To US Buyers

• We Upgrade PRIM to OW, Initiate INIO @ OW

• Notes on Waha

• WMB Nears $5.5bn Deal

Access, Calls & Surveys:

• SAVE THE DATE: Takeaways from the 11th Annual Natural Resources Conference: Midstream, LNG, E&P, OFS,

Integrated and Refining on June 29, 2026 at 11 AM ET. Link to Register.

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of a two-day panel agenda addressing key macro, corporate and thematic topics across the energy value chain and a

comprehensive program of one-on-one/small group meetings with global C-suite executives representing leading Oil & Gas,

OFS, E&P, Utility, Renewable and Mining companies. Full details will follow. In the meantime, please save the date in your

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