Global Markets Strategy 26 March 2026 J P M O R G A N Oil Flash Note From East to West—timing the global impact With the last tanker departing the Strait of Hormuz on February 28, the global system is shifting from a flow shock to a stock depletion problem, where timing —not just volumes—drives the impact. Voyage times set the clock: cargoes from the Gulf reach Asia in roughly 10-20 days, arriving first in India and later in Northeast Asia. Europe and Africa follow, with transit times of about 20-35 days, w ...

25 March 2026 Global Oil Services Global Oil Services: Unleashing the wolf. Oil Services market shares in the Middle East. A 1970s-style super-cycle seems likely. Guillaume Delaby +33 1 42 13 62 29 guillaume.delaby@bernsteinsg.com Luis-Fernando Sarmiento +44 20 7762 1851 luis-fernando.sarmiento@bernsteinsg.com +44 20 7762 5353 irene.himona@bernsteinsg.com Abdessamad Raghibi, Ph.D. +212 5 22 86 79 41 abdessamad.raghibi@bernsteinsg.com Specialist Sales Gareth Williams +44 20 7762 5256 gareth.b.williams@bernst ...

26 March 2026 | 7:42PM EDT Commodities Research Oil Tracker: Pipelines: The Main But Partial Offset to the Hormuz Shock Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Filippo Cuscito +44(20)7051-9073 | filippo.cuscito@gs.com Goldman Sachs International Alexandra Paulus ...

Accessible version Macro Risk Digest Oil takes the driver's seat Key themes for corporates 1. Oil a key market driver amidst expanding conflict Rates have been extremely volatile across the globe. Oil has been the main driver with rates rising when oil rises and falling when oil stabilizes or falls. Oil increases lead markets to price inflationary risk premium into global central bank rate forward paths, either via less cuts (US) or more hikes (EU, CAD, AUD, UK etc). UK 2y rates had increased +35bp during F ...

27 March 2026 | 1:57PM EDT Economics Research Global Markets Daily: TIPS During Oil Shocks TIPS During Oil Shocks Front-end inflation has repriced the oil shock, the long end has not Since the onset of the war, global front ends and breakeven curves have priced greater risk of higher near-term inflation. Our commodity strategists assume Hormuz flows remain at only 5% of normal through mid-April, corresponding to a $115/bbl Brent average in April. Accordingly, our economists have raised their 1-year-ahead (h ...

Oil Monitor Vi e w p o i n t | 25 Mar 2026 17:49:55 ET │ 31 pages Price volatility to continue on conflicting news flow; regional crude spreads to stay wide on divergent fundamentals CITI'S TAKE Our base case expects that further economic pain could be on the way via higher oil and gas prices, as well as outright shortage that lead to adverse macro impacts, before precipitating in more substantial diplomatic efforts to close the negotiating gap between the US and Iran. Our base case scenario assumes a conti ...

24 March 2026 | 10:43PM EDT Commodities Research Oil Tracker: Diplomatic Path in Focus; Low Hormuz Flows Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Filippo Cuscito +44(20)7051-9073 | filippo.cuscito@gs.com Goldman Sachs International Alexand ...

Asia Economics | Asia Pacific March 19, 2026 08:30 PM GMT M Foundation Oil and related commodities – exposure guide Over the past two weeks, we have covered different facets of macro implications from geopolitical developments. In this comprehensive slide deck, we have refreshed and aggregated the analysis, bringing it to you all in one place. 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Morgan Stanley Asia Limited Chetan Ahya Chief Asia Economist Morgan Stanley Asia (Singapore) Pte. Derrick Y Kam Asia Economist Derrick.Ka ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Citi Research 20 March 2026 PULSE Monitor Oil Contagion Risks Remain the Focus Scott T Chronert Managing Director scott.t.chronert@citi.com +1 415-951-1771 Drew Pettit Director drew.pettit@citi.com +1 415-951-1621 Patrick Galvin, CFA Vice President patrick.galvin@citi.com +1 212-816-5373 Eli Joyner Senior Associate eli.joyner@citi.com +1 212-816-7050 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Marke ...

22 March 2026 | 6:07PM EDT Commodities Research OIL ANALYST High Prices and Upside Risks for Longer Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Yulia Zhestkova Grigsby +1(646)446-3905 | yulia.grigsby@gs.com Goldman Sachs & Co. LLC Alexandra Paulus +1(212)902-7111 | alexandra.paulus@gs.com Goldman Sachs & Co. LLC Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the ...