0800 GMT - Further increasing exposure to Asian oil proxies could be a gamble as the Middle East conflict becomes prolonged, say DBS Group Research analysts in a note. A longer conflict could keep oil prices well above $100 a barrel, with the potential to reach $150 or higher over the next two quarters in upside scenarios, they say. Volatility in crude prices makes it difficult to value stocks based on $90-$100 oil, they say, a challenge also reflected in the relatively muted share-price performance of global oil majors since the conflict started. The analysts recommend staying invested in upstream and integrated oil stocks such as PetroChina, Cnooc and PTT Exploration & Production, but caution further aggressive positioning would be risky. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

March 23, 2026 04:00 ET (08:00 GMT)

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