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<Research>UBS Lifts TPs for PETROCHINA/ CNOOC, Raises 2026 Brent Oil Avg. Price Forecast to USD72
UBS has raised its forecast for the average price of Brent oil in 2026 by USD10 per barrel to USD72, reflecting the current near-closure of the Strait of Hormuz.Under a base assump...
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<Research>UBS Lifts TPs for PETROCHINA/ CNOOC, Raises 2026 Brent Oil Avg. Price Forecast to USD72
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UBS has raised its forecast for the average price of Brent oil in 2026 by USD10 per barrel to USD72, reflecting the current near-closure of the Strait of Hormuz.

Under a base assumption where the conflict will last for several weeks, UBS believes transportation through the Strait of Hormuz will remain severely disrupted, while the Gulf Cooperation Council (GCC) member states will continue to be attacked, though key oil infrastructure will stay unaffected.

Related News CLSA Raises PetroChina (00857.HK) TP to HKD12, Expects Continued Outperformance This Year
Based on the latest oil price forecast, UBS has lifted its 2026 earnings forecasts for PETROCHINA (00857.HK)  +0.220 (+2.085%)    Short selling $379.67M; Ratio 75.241%   / CNOOC (00883.HK)  +0.060 (+0.223%)    Short selling $602.03M; Ratio 28.522%   / SINOPEC CORP (00386.HK)  +0.010 (+0.218%)    Short selling $209.59M; Ratio 124.657%   by 13%/ 16%/ 0.4% to RMB183.3 billion/ RMB148.1 billion/ RMB52 billion.

In terms of stock rating, UBS has lifted its target prices by 10% to HKD12.6 for PETROCHINA and by 12% to HKD33.6 for CNOOC. Both remain as its industry top picks. CHINA OILFIELD (02883.HK)  +0.230 (+2.544%)    Short selling $16.09M; Ratio 100.470%   's target price has also risen by 11% to HKD12. All of these stocks have been rated at Buy.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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