JPM | US Energy: US Strikes Expand to Infra, Hormuz Flows -62%, Largest July Oil Spike Since 1990, Gas Nears $4/gal, Activity Resilient, Momo Unwind, AA Earnings, Copper S/D, ARRY, BP & COP Partner

Research evidence excerpt

JPM | US Energy: US Strikes Expand to Infra, Hormuz Flows -62%, Largest July Oil Spike Since 1990, Gas Nears $4/gal, Activity Resilient, Momo Unwind, AA Earnings, Copper S/D, ARRY, BP & COP Partner

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 17 July 2026

JPM | US Energy: US Strikes Expand to Infra, Hormuz Flows -62%, Larg-

est July Oil Spike Since 1990, Gas Nears $4/gal, Activity Resilient, Momo

Unwind, AA Earnings, Copper S/D, ARRY, BP & COP Partner

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today:

• US Strikes Expand to Infrastructure

• Hormuz Flows Fall 62%, Inventories Near Record Lows

• Largest July Oil Spike Since 1990

• Gasoline Approaches $4 - Activity Resilient

• Thoughts on Momo Unwind

• AA Earnings

• Copper S/D Tracking

• ARRY Acquisition

• BP & COP Partner In Iraq

Access, Calls & Surveys:

• SAVE THE DATE: J.P. Morgan Global Energy Conference, Nov 30th-Dec 1st, in-person, London. The event will consist

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

calendar for this event

Brendan’s Brief:

In Brief: By most accounts, the situation in the Middle East deteriorated further overnight. In what marks the sixth consecutive

night of attacks, the US expanded its strike campaign to include six bridges in a southern port, a railway and an airport, according

to Iranian state media.