Bank of China International released a research report saying that with the escalation of geopolitical tension in the Middle East, the passage of two important straits in the region has been affected, Saudi Arabia's oil infrastructure is also under threat, and oil prices have soared to the highest level since May. Given that the current situation is difficult to resolve in the short term, the bank expects oil prices to remain high for a long period of time, raising the 2026 oil price forecast by 9% to 94 US dollars/barrel, and the 2027 oil price forecast to increase by 22% to 90 US dollars/barrel. The bank maintains a “neutral” rating for the petroleum industry, and is more optimistic about companies that account for a relatively high upstream business, such as CNOOC and CNPC.

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