Piper Sandler says Strait of Hormuz to remain closed for months and oil to hit new highs - CNBC
Energy
Piper Sandler is calling for the Strait of Hormuz to remain closed for months, projecting oil prices to reach new highs on sustained supply disruption. This creates a strong setup for energy producers and tanker equities while putting pressure on oil-intensive refiners and airlines.
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↔ PAIR+8% target-5% stop4-8 weeks or until Hormuz reopens
Long crude-levered E&Ps (OXY, CVX) and crude tankers (FRO, DHT) on Hormuz closure call; short airlines (UAL, DAL) as jet fuel spike bites margins.