Accessible version High Grade E&P Quarterly Iran conflict turns Energy into a defensive sector High Grade Credit United States Energy, MLPs & Pipelines Daniel Lungo Research Analyst BofAS +1 646 855 9965 Rating Change - Credit Iran conflict has led to Energy outperformance Unsurprisingly, given the military conflict in Iran and rise in oil prices over the last two weeks, E&P spreads are trading significantly tighter than their historical average. While spreads are tight, we believe they are justified given ...