On Friday at 10:47 AM (Bangkok time), the share price of PTT Exploration and Production Public Company Limited (SET: PTTEP) gained 2.77% or THB 4.00 to THB 148.50, with a trading value of THB 3.96 billion.
Innovest X Securities wrote that PTTEP is seeing short-term momentum following a sharp increase in Brent crude oil prices to $99 per barrel. This is attributed to heightened concerns over supply constraints after Iran issued threats to block shipping through the Strait of Hormuz, a key global oil transit route, as a measure to pressure its adversaries.
Beyond the positive impact from rising oil prices, PTTEP is also considered attractive as a hedge asset, which can help mitigate risk and cushion investment portfolios. The brokerage has set a short-term price target for PTTEP at THB 149 per share.
