BRIEF-Barclays Recommends Going Long Brent Call Spreads

* RECOMMENDS BUYING $70/B MINUS $75/B CALL SPREADS IN DECEMBER 2026 BRENT FUTURES ($1.60/B AT THE ⁠TIME ‌OF WRITING) * ⁠SAYS MARKET REACTION HAS SO FAR AFFIRMED ‍OUR VIEW THAT GEOPOLITICAL TENSIONS POSE ASYMMETRIC UPSIDE ​RISK TO OIL PRICES, WITH BRENT CLIMBING ⁠ABOVE $70/B, HIGHER THAN IT WAS BEFORE THE ONSET ⁠OF THE 12-DAY WAR LAST YEAR.

BARCLAYS: * RECENT PRICE ACTION AFFIRMS OUR VIEW ‌THAT GEOPOLITICAL TENSIONS POSE ASYMMETRIC UPSIDE RISKS IN OIL MARKETS.

* ⁠US-IRAN TENSIONS REMAIN ELEVATED. ONGOING SHUTTLE DIPLOMACY MIGHT HELP OVER THE NEAR TERM, BUT THE ​RHETORIC DOES NOT SUGGEST A CLEAR SUSTAINABLE ‍PATH TO DIPLOMACY YET. * RECOMMENDS BUYING $70/B MINUS $75/B CALL SPREADS IN DECEMBER 2026 BRENT FUTURES ($1.60/B AT THE ⁠TIME ‌OF WRITING)

* ⁠SAYS MARKET REACTION HAS SO FAR AFFIRMED ‍OUR VIEW THAT GEOPOLITICAL TENSIONS POSE ASYMMETRIC UPSIDE ​RISK TO OIL PRICES, WITH BRENT CLIMBING ⁠ABOVE $70/B, HIGHER THAN IT WAS BEFORE THE ONSET ⁠OF THE 12-DAY WAR LAST YEAR. * REITERATES BASE CASE THAT IT ⁠LIKELY FIZZLES OUT WITHOUT MAJOR IMPLICATIONS FOR SUPPLY AND ⁠PRESENT ‌A FRAMEWORK FOR THINKING ABOUT THE POTENTIAL RISK OF A SUPPLY ⁠DISRUPTION