JPM | US Energy: Middle East Yo-Yo, SPR 43yr Low, Red Sea Ships & Russia Downstream Attacks, Traffic Muted, Qatar Storage, China Teapots Suggest Buying to Resume, Turbines Best Quarter on Record, OFS, Monday PX Action

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Brendan Henrici - Specialist Sales - US Energy AC

J.P. Morgan Securities LLC

North America Specialist Sales

JPMORGAN

11 August 2026

JPM | US Energy: Middle East Yo-Yo, SPR 43yr Low, Red Sea Ships &

Russia Downstream Attacks, Traffic Muted, Qatar Storage, China Teapots

Suggest Buying to Resume, Turbines Best Quarter on Record, OFS, Monday PX Action

Brendan Henrici

Key Highlights Today:

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Access, Calls & Surveys:

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of a two-day panel agenda addressing key macro, corporate and thematic topics across the energy value chain and a

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Brendan’s Brief:

Into the Void: While now offset by headlines that Oman-Iran talks have reached an “advanced stage,” & those suggesting the US

& Iran are “close to some arrangement” the dynamics in the Middle East quickly devolved into the unknown in the past 24 hours.

In a move that refuted the notion (suggested by the WSJ on Monday) that the US may tolerate a less formal agreement on nuclear

in efforts to open the strait President Trump said Monday that not only he not allow Iran to have a nuclear weapon but that the US

would also be “demanding compensation.” These headlines joined those on the “complexity” of mines in the SOH, another attack

on a ship in the Red Sea and the waning SPR balances (now the lowest in 43 years) in serving to dilute the optimism that had built

over a resolution in recent weeks.

The ambiguity and uncertainty implied by yo-yo dynamics in the Middle East helped inspire the best single day (ex. post

liberation day) for smid cap energy stocks (read: the most sensitive to commodity prices) in nearly two years yesterday.

Overnight the dynamics that have been supportive of energy prices globally— waning ship traffic and attacks on energy

infrastructure—continued.…