Core Viewpoint - Wells Fargo upgraded ONEOK to Overweight from Equal Weight, raising its price target to $100 from $81, driven by the structural shift in global energy demand due to the Iran war [2][4][7] Company Summary - ONEOK is positioned to benefit from the anticipated acceleration in Permian gas and natural gas liquids supply growth, which is expected to exceed its 2026 guidance and 2027 consensus estimates [4][7] - The upgrade reflects a broader trend among analysts, with Jefferies also upgrading ONEOK to Buy with a $98 target, citing similar geopolitical factors [5][7] Industry Context - The Iran war is expected to create a durable shift in global energy flows, with U.S. midstream infrastructure, including ONEOK, as a primary beneficiary [4] - Iranian strikes on Qatari LNG facilities have led to increased natural gas prices in Europe and Asia, redirecting demand towards U.S. supply chains that ONEOK serves [5][7] - Crude oil prices are trading above ONEOK's conservative guidance assumption of $55-$60 per barrel, indicating a favorable market environment for the company [7]