JPM | US Energy: Ceasefire Proposal Offsets Escalation, Tropical Storm Risks, Iran Exports, 3mo Rig Adds Most Since ’22, Equity Strategy on Energy EPS, WSJ on Battery Storage, China Metals Activity, RD Weekly

Research evidence excerpt

JPM | US Energy: Ceasefire Proposal Offsets Escalation, Tropical Storm Risks, Iran Exports, 3mo Rig Adds Most Since ’22, Equity Strategy on Energy EPS, WSJ on Battery Storage, China Metals Activity, RD Weekly

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 20 July 2026

JPM | US Energy: Ceasefire Proposal Offsets Escalation, Tropical Storm

Risks, Iran Exports, 3mo Rig Adds Most Since ‘22, Equity Strategy on

Energy EPS, WSJ on Battery Storage, China Metals Activity, RD Weekly

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today:

• Transits Muted Amid Infrastructure Attacks

• Ceasefire Proposal Quells $90 Oil

• Iran Exports Provide Negotiating Buffer

• Ukraine Attacks on CPC Ports

• Tropical Storm Threatens Gulf Energy Infra

• Rigs Rise by Most Since ‘22

• Equity Strategy on Energy Earnings

• WSJ on Battery Storage

• China Metals Tracker

• Renewable Diesel Weekly

Access, Calls & Surveys:

• SAVE THE DATE: JPM Webinar - Mark Strouse - Clean Energy & Renewables - 2Q26 Earnings Preview Call on Jule

23, 2026 at 2 pm ET. Link to Register.

• 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: Nine consecutive days of US Strikes on Iran and, for a moment, $9 handle oil again.