JPM | US Energy: Chokepoint Traffic Dwindles, Saudi Cuts OSPs, "All Hands on Deck" To Prevent Export Ban, Ukraine "Long Range Sanctions," Russia Product Exports 10yr Low, Yen Trade & Gold, Earnings Flurry

Research evidence excerpt

Brendan Henrici - Specialist Sales - US Energy AC

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

06 August 2026

JPM | US Energy: Chokepoint Traffic Dwindles, Saudi Cuts OSPs, “All

Hands on Deck” To Prevent Export Ban, Ukraine “Long Range Sanctions,”

Russia Product Exports 10yr Low, Yen Trade & Gold, Earnings Flurry

Brendan Henrici

Key Highlights Today:

Traffic Dwindles Amid More Attacks

Saudi Cuts OSPs

Politico: “All Hands on Deck” To Prevent US Export Ban

Ukraine Drone Attacks: Long Range Sanctions

Russian Oil Product Exports Decade Low in July

Renewable Earnings, S232 Feedback

Sinopec Steps Up Russian Oil Imports

Yen Trade & Gold

US Diesel Exports Hit Record

T-1 Earnings & Recaps

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: Oil & energy product volatility remains subdued this morning despite an uptick in disruptions overnight. According to

Reuters, traffic through Hormuz & Bab-el-Mandeb “reduced Significantly” on Wednesday. Just two vessels crossing the former

and one crossing the latter yesterday. Exacerbating (or influencing) the issue were headlines that the Houthi’s said they had

launched a missile attack on a Saudi oil tanker off of Yanbu and another missile attack on a Saudi tanker in the Gulf of Aden.

With respect to negotiations, the latest from the WSJ is that Iran and Oman were finalizing a draft agreement to reopen the Strait

that would give Tehran oversight of ships entering the Persian Gulf but wouldn’t let it levy tolls or service fees. With respect to

duration, the Journal notes that the agreement “would last for 60 days.”

Hormuz Traffic Dwindles…

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