0106 GMT - Analysts at Jefferies remain bullish on Qantas Airways despite the potential for fuel prices to stay high due to the U.S.-Iran conflict. Analysts Anthony Moulder and Amit Kanwatia tell clients in a note that they are raising their expectations for December-half oil and refinery margin trends, pointing to a lack of a clear pathway to conflict de-escalation and pressure on Russian oil production. Also, Australia's inflation remains above the central bank's target range and more interest-rate rises remain likely. Nonetheless, travel demand seems resilient, they say, and remind clients that near-term fuel-cost challenges are only temporary. Jefferies keeps a buy rating but lowers its target price by 6.9% to 11.91 Australian dollars. Shares are flat at A$10.32.