UK UTES, JPM CENTER FOR GEOPOLITICS, ANE, SSE, RWE: EU Energy Sector Specialist Commentary

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UK UTES, JPM CENTER FOR GEOPOLITICS, ANE, SSE, RWE: EU Energy Sector Specialist Commentary

Ian Mitchell - Specialist Sales - European Energy AC (44-20) 7134-1356 Europe Specialist Sales J P M O R G A Nian.e.mitchell@jpmorgan.com

J.P. Morgan Securities plc 19 June 2026

this politically-driven weakness, which we see as overdone. See more details in UK Spotlight: Makerfield Matters: Sector and

Stock Implications of the UK’s Shifting Political Landscape .

JPM CENTER FOR GEOPOLITICS – The Fine Print: Our Read on the U.S.-Iran Agreement (email available)

- We have a deal…at least for 60 days. Will it last? Is a “final deal” likely? We dig into those questions, and more, below.

- For weeks we have assessed that a narrow deal reopening the Strait of Hormuz, while deferring the thorniest issues to later,

would be the next chapter in this war. We thought it would be sooner, so we were a little off on the timing—but not on the scope

or sequence. The realities of the “3Ms”—munitions, markets, and midterms—kept steering Washington toward the off-ramp.

- At least for the moment, this agreement should provide the global economy with some much-needed relief and reduce the risk of

near-term escalation. But it doesn’t resolve the underlying tensions that drove the U.S. and Israel to war. And Iran’s commitments,

at least in this interim deal, are modest. The main drivers behind this conflict remain. So don’t mistake the end of the chapter for

the end of the book. We remain at a pause, not peace—with more drama likely still to come.

- In the email we break down where things stand, where we see things going, and what we think is getting lost in the headlines.

- Let me know if you want the full email

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