** Brokerage BofA Global Research raises price target on U.S. energy majors Chevron CVX.N and Exxon Mobil XOM.N to $206 and $151, respectively, from $188 and $135

** The new PT for CVX implies an upside of 10.3% from the stock’s last close, while the XOM PT suggests a downside of roughly 1%

** Brokerage says country-level production remains largely unaffected, any disruption to oil and LNG flows through the Strait of Hormuz due to Iran conflict would have a far greater impact on global supply-demand balances

** Brokerage says any price impact may be short-lived if the U.S. military moves to quickly reopen the Strait of Hormuz

** Adds that it expects LNG and oil‑linked equities to see the strongest gains, with refiners benefiting only marginally

** Up to last close, CVX and XOM were up 22.54% and 26.72% YTD

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))