Piper Sandler says Strait of Hormuz to remain closed for months and oil to hit new highs
Energy
Piper Sandler warns the Strait of Hormuz could remain closed for months, potentially driving crude oil to new cycle highs this summer. This creates a setup for energy producers and tanker operators to outperform while rate-sensitive refiners with tight crack spreads face margin pressure.
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Angle
↑ LONG+12% target-7% stop6-10 weeks / into summer crude seasonality
Long upstream E&P and crude tanker names (OXY, FRO) as Piper Sandler's multi-month Hormuz closure thesis supports a sustained crude spike — not a one-day pop.