JPM | US Energy: Economic D-Day Against Iran, Oil Rises 5th Day, GLD $5bn Inflows, Oil E&Ps Near Highs, Energy ETF Flows Subdued, WSJ on BTM Issues, PA “Dangles Carrot” On BYOP

Research evidence excerpt

Brendan Henrici - Specialist Sales - US Energy AC

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

20 August 2026

JPM | US Energy: Economic D-Day Against Iran, Oil Rises 5th Day, GLD

$5bn Inflows, Oil E&Ps Near Highs, Energy ETF Flows Subdued, WSJ on

BTM Issues, PA “Dangles Carrot” On BYOP

Brendan Henrici

Key Highlights Today:

Economic “D-Day” Against Iran

Credibility Trade Returns, Boosts Commodities

GLD $5bn in Inflows In Past 1mo

Oil E&P Index Nears Highs As LT Strip Rises

Energy ETF Flows Show Lack of Interest

WSJ On Off-Grid Power Issues

PA “Dangles Carrot” On BYOP

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 is pacing for its 5th consecutive day after President Trump declared an “Economic D-Day” against Iran in response

to its failure to make a deal in negotiations with the US. Aiding oil & broader commodities from the macro backdrop (& perhaps

more important for the complex at large) are continued declines in the dollar. Following Tuesday’s Treasury buyback

announcement, the dollar saw its largest decline in at least a month and one of the largest of 2026 thus far. In what should serve as

an “antennas up” signal for broader commodities (now amid their best summer run in 15 years), our interest rate strategy team is

concerned that markets will perceive the buyback operation as “lacking credibility” absent real fiscal consolidation (just

as the fiscal deficit hit $40 trillion).

Gold Sees Largest Advance Since February Following Treasury Buyback…

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