External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Commodities

<ul><li>The sector recorded 1 gas discovery during the month — Rahi X-1 (operated by PPL).</li><li>During the month, the sector has not reported any dry well.</li><li>Oil and gas production rose 22% YoY and 10% YoY, respectively, amid continued disruption of RLNG supply.</li></ul>

The sector recorded 1 gas discovery during the month — Rahi X-1 (operated by PPL).During the month, the sector has not reported any dry well.Oil and gas production rose 22% YoY and 10% YoY, respectively, amid continued disruption of RLNG supply.

Oil & Gas Exploration: Takeaways From Monthly Activity Report - Jul 2026

Independent Energy Equities & Commodities Research, WHB Energy Research LLC

William H Brown III

Independent Energy Equities & Commodities Research

Independent energy equity and commodity boutique

WHB Energy Research LLC

WHB Energy Research LLC is an independent energy industry equity and commodity boutique
providing analysis and trading/investment recommendations to hedge funds, mutual funds, oil
and gas producing companies, energy consuming companies and high net worth individuals.
WHB Energy Research LLC fills a major void by providing top level fundamental and
qualitative research complemented by state of the art quantitative modeling. WHB Energy
Research LLC also engages in physical oil trading activity as an agent/intermediary and also
provides expert witness consultation and testimony. From 2003-2005 Mr. Brown established and
managed an energy hedge fund for a single investor/client. Specialties: Economic and financial
analysis and forecasting of the NYMEX, ICE, and international physical petroleum markets and
energy equities in the integrated, independent producer, refining, drilling, service, and
transportation sectors.

<ul>
<li>While we have been correct in terms of a potential Iran-Oman agreement to jointly “manage” the Strait, it appears the role of the U.S. is not what we had envisioned.....yet.       </li>
<li>Part of the Iran-Oman deal includes the U.S. lifting the blockade of Iranian ports plus releasing at least some frozen Iranian assets.                   </li>
<li>This conditional aspect complicates matters for the U.S., and fully supports our view that a renewal of military activity carries a relatively high probability.            </li>
</ul>


While we have been correct in terms of a potential Iran-Oman agreement to jointly “manage” the Strait, it appears the role of the U.S. is not what we had envisioned.....yet.       
Part of the Iran-Oman deal includes the U.S. lifting the blockade of Iranian ports plus releasing at least some frozen Iranian assets.                   
This conditional aspect complicates matters for the U.S., and fully supports our view that a renewal of military activity carries a relatively high probability.            


Morning Market Notes: A Possible Brief Spike in Oil Prices, Followed by a Progressive Decline.

Independent Price Reporting Agency, QC Intel

Quantum Commodity Intelligence

Independent Price Reporting Agency

QC Intel

We are an independent price reporting agency (PRA) providing price assessments, original news and trade data for the global energy transition markets.

Our mission is to bring greater transparency to these rapidly developing markets, powering transactions and helping the world to decarbonize as efficiently as possible.

<ul><li>Crude futures climbed higher over the session on Thursday as investors waited for confirmation of a deal that would allow commercial shipping through the Strait of Hormuz to resume.</li><li>Oct26 ICE  Brent futures were 4% higher at  $82.66/b (2030 BST), while Sep26 NYMEX WTI was at $77.55/b , up 3.1% versus Wednesday's settle.</li><li>Prices rallied as doubts crept in over a new deal to reopen the Strait of Hormuz, with Iran and Oman reaching an understanding on the  logistical coordinates of a proposed shipping route through the waterway.</li></ul>

Crude futures climbed higher over the session on Thursday as investors waited for confirmation of a deal that would allow commercial shipping through the Strait of Hormuz to resume.Oct26 ICE  Brent futures were 4% higher at  $82.66/b (2030 BST), while Sep26 NYMEX WTI was at $77.55/b , up 3.1% versus Wednesday's settle.Prices rallied as doubts crept in over a new deal to reopen the Strait of Hormuz, with Iran and Oman reaching an understanding on the  logistical coordinates of a proposed shipping route through the waterway.

Oil futures: Crude climbs higher as deal to reopen Hormuz stalls

<ul>
<li>While it appears part of our “implausible plausible” scenario may unfold as expected, the critical part, i.e. President Trump accepting it, has yet to unfold.       </li>
<li>Iran indicated that a deal to “manage” the Strait with Oman is close to consummation, while Tehran has indicated that effectively the U.S. “has nothing to do with it.”                  </li>
<li>Otherwise, on the trading front, we closed out our short Sep NYMEX RBOB position, booking a near $572,000 gross profit for our model energy portfolio.           </li>
</ul>


While it appears part of our “implausible plausible” scenario may unfold as expected, the critical part, i.e. President Trump accepting it, has yet to unfold.       
Iran indicated that a deal to “manage” the Strait with Oman is close to consummation, while Tehran has indicated that effectively the U.S. “has nothing to do with it.”                  
Otherwise, on the trading front, we closed out our short Sep NYMEX RBOB position, booking a near $572,000 gross profit for our model energy portfolio.           


Morning Market Notes: We Await The "End Game"; We Booked a Profit on Our Short RBOB Crack Position

<ul>
<li>Crude futures were floundering at lower levels Wednesday amid growing optimism that a US-Iran deal was drawing closer, allowing oil to start flowing again from the region.</li>
<li>Oct26 ICE Brent futures were 0.2% higher at $79.54/b (2034 BST), while Sep26 NYMEX WTI was at $75.21/b , down 0.7% versus Tuesday's settle.</li>
<li>US President Donald Trump told Fox News that "very good discussions" were underway with Iran, adding that the Strait of Hormuz would be "soon" open for commercial shipping.</li>
</ul>


Crude futures were floundering at lower levels Wednesday amid growing optimism that a US-Iran deal was drawing closer, allowing oil to start flowing again from the region.
Oct26 ICE Brent futures were 0.2% higher at $79.54/b (2034 BST), while Sep26 NYMEX WTI was at $75.21/b , down 0.7% versus Tuesday's settle.
US President Donald Trump told Fox News that "very good discussions" were underway with Iran, adding that the Strait of Hormuz would be "soon" open for commercial shipping.


Oil futures: Crude drifts as US-Iran Strait of Hormuz deal eyed

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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Crude Oil (CL1 COM COMDTY)

Oil & Gas Exploration: Takeaways From Monthly Activity Report - Jul 2026

The sector recorded 1 gas discovery during the month — Rahi X-1 (operated by PPL). During the month, the sector has not reported any dry well. Oil...

Topline Securities

Morning Market Notes: A Possible Brief Spike in Oil Prices, Followed by a Progressive Decline.

Iran-Oman deal to manage the Strait includes US lifting blockade and releasing frozen assets, increasing likelihood of military activity.

William H Brown III

Oil futures: Crude climbs higher as deal to reopen Hormuz stalls

Crude futures climbed higher over the session as investors waited for confirmation on a deal that would allow commercial shipping...

Quantum Commodity Intelligence

Morning Market Notes: We Await The "End Game"; We Booked a Profit on Our Short RBOB Crack Position

Iran is close to a deal with Oman regarding the Strait, but President Trump's acceptance remains uncertain. Trading wise, a significant profit was...

William H Brown III

Oil futures: Crude drifts as US-Iran Strait of Hormuz deal eyed

Crude futures were floundering at lower lever Wednesday amid growing optimism that a US-Iran deal is drawing closer.....

Quantum Commodity Intelligence

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52-week Range

Market Cap (USDm)

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Oil & Gas Exploration: Takeaways From Monthly Activity Report - Jul 2026

The sector recorded 1 gas discovery during the month — Rahi X-1 (operated by PPL). During the month, the sector has not reported any dry well. Oil...

Topline Securities

Morning Market Notes: A Possible Brief Spike in Oil Prices, Followed by a Progressive Decline.

​Iran-Oman deal to manage the Strait includes US lifting blockade and releasing frozen assets, increasing likelihood of military activity.

William H Brown III

Oil futures: Crude climbs higher as deal to reopen Hormuz stalls

Crude futures climbed higher over the session as investors waited for confirmation on a deal that would allow commercial shipping...

Quantum Commodity Intelligence

Morning Market Notes: We Await The "End Game"; We Booked a Profit on Our Short RBOB Crack Position

​Iran is close to a deal with Oman regarding the Strait, but President Trump's acceptance remains uncertain. Trading wise, a significant profit was...

William H Brown III

Oil futures: Crude drifts as US-Iran Strait of Hormuz deal eyed

Crude futures were floundering at lower lever Wednesday amid growing optimism that a US-Iran deal is drawing closer.....

Quantum Commodity Intelligence

Iran-Oman deal to manage the Strait includes US lifting blockade and releasing frozen assets, increasing likelihood of military activity.

Iran is close to a deal with Oman regarding the Strait, but President Trump's acceptance remains uncertain. Trading wise, a significant profit was...