0141 GMT - Ampol's bull at Macquarie reiterates an outperform rating on the stock as Australian refiners experience multiple benefits from the U.S.-Iran conflict. One of the investment bank's analysts writes in a note that local refiners are key beneficiaries from the ensuing volatility, pointing to the impact on refining margins, trading opportunities and government policy. They say that strong June-quarter operation at Ampol's Lytton refinery is capturing this industry upcycle, and the ASX-listed company's in-house trading platform is contributing materially to earnings. Macquarie lifts its September-quarter refining margin forecast on the ongoing conflict. Its target price is raised 3% to 48.00 Australian dollars. Shares are flat at A$39.49.