- Standoff between Russia and US/NATO allies shows no immediate sign of cooling off
- In the unfortunate event of war, we predict Brent crude oil prices could breach US$100/bbl and even US$110/bbl, as supplies could be disrupted
- We revise up our 2022 average forecasts for Brent to account for the prevailing risk premium, but our medium-term theses of high energy prices and increases in oil & gas capex continue to hold, even without the current volatility
- We remain constructive on the oil price proxies; our top pick is CNOOC
DBS: Regional Energy – Oil prices cross US$90/bbl as tensions escalate in Ukraine
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