Dao Securities reported that Brent crude oil futures rose 3.9% to USD 103.1 per barrel after reports that the President of Iran stated at the United Nations General Assembly that free navigation through the Strait of Hormuz would not be permitted as long as US sanctions and blockade measures remain in force. This reflects the difficulty of reaching a peace agreement with the United States, even as efforts to revive negotiations emerged this week. However, Iran is ready to return to talks to end the conflict that has dragged on for nearly seven months, but will not respond to threats. Dao Securities holds a positive view on the short-term crude oil price outlook on this news, but still believes crude prices will remain highly volatile. It maintains its average Dubai crude price assumption for this year at USD 85.0 per barrel and keeps an "equal weight" investment rating for the energy sector. It continues to favour upstream energy stocks such as PTTEP, with a buy recommendation and a target price of 180.00 baht, based on average selling prices holding at high levels in the third quarter of 2026.
PTT Exploration and Production Public Company LimitedDao Securities recommends buying PTTEP, an upstream energy stock, as high crude prices lift its average selling prices.
Iran's threat to block the Strait of Hormuz amid US sanctions tensions drove Brent crude futures up 3.9% to USD 103.1.
