Broker: DBS Bank
Date of Report: 17 April 2026

Excerpt from DBS report.

Report Summary

• Top Actionable Insights:
  • Upstream and integrated oil companies remain safe investment choices, even as volatility in oil prices has declined.
  • Key stocks with actionable calls and upside potential:
    • CNOOC Ltd (883_HK_Equity): BUY. 33.04% potential return.
    • Bangchak Corporation PCL (BCP_TB_Equity): BUY. 18.33% potential return.
    • ConocoPhillips (COP_US_Equity): BUY. 25.65% potential return.
    • Medco Energi Internasional Tbk PT (MEDC_IJ_Equity): BUY. 32.17% potential return.
    • PTT Exploration and Production PCL (PTTEP_TB_Equity): BUY. 27.08% potential return.
    • Shell PLC (SHEL_LN_Equity): BUY. 14.09% potential return.
  • Average Brent oil price forecast for 2026 raised to \$80-85/bbl (previously \$77-82/bbl), reflecting slower supply normalization.
  • Strait of Hormuz reopening expected by May (optimistically), but normal oil traffic will take months to fully resume due to logistical congestion.
  • Current ceasefire between US and Iran has reduced extreme oil price volatility, but the market continues to signal a severe physical supply shortage.
  • Fears of oil prices spiking to \$150-200/bbl due to war have significantly receded.

Target Prices & Calls to Action:

• CNOOC Ltd (883_HK_Equity): BUY – 33.04% potential return
• Bangchak Corporation PCL (BCP_TB_Equity): BUY – 18.33% potential return
• ConocoPhillips (COP_US_Equity): BUY – 25.65% potential return
• Medco Energi Internasional Tbk PT (MEDC_IJ_Equity): BUY – 32.17% potential return
• PTT Exploration and Production PCL (PTTEP_TB_Equity): BUY – 27.08% potential return
• Shell PLC (SHEL_LN_Equity): BUY – 14.09% potential return

Implication: Investors should focus on upstream and integrated oil names for the medium term, as supply normalization is slower than anticipated and physical market tightness persists. The main risk remains the timeline for reopening the Strait of Hormuz and the pace of traffic normalization.

above is an excerpt from a report by DBS Bank. Clients of DBS Bank can be the first to access the full report from the DBS website : https://www.dbs.com/insightsdirect