Sasol (SSL) Hits 2-Year High as JPMorgan Turns Bullish, Ups Price Target by Over 100%

Group 1 - Sasol Ltd. (NYSE:SSL) reached a two-year high, driven by a bullish investment sentiment and a significant price target upgrade by JPMorgan [1][2] - JPMorgan upgraded Sasol's rating from "underweight" to "overweight" and set a new price target of 209 rand, representing a 122% increase from the previous target of 94 rand [2] - The optimism surrounding Sasol is attributed to expected benefits from rising oil prices due to ongoing tensions in the Middle East and supply disruptions [2] Group 2 - JPMorgan's global commodities unit anticipates oil production cuts of 12 million barrels per day (bpd) within a week, potentially increasing to 16 million bpd in the following two weeks [3] - The Middle East and North Africa regions have already reduced production by approximately 5.5 million bpd [3] - Benchmark crude oil prices are projected to rise to $120 per barrel, with a potential increase to $250 if the Strait of Hormuz is closed for six months, impacting global oil supply [4]