Guotai Haitong released a research report predicting that Brent oil will maintain a strong and volatile trend.

In April 2026, international oil prices first dropped and then rose, mainly influenced by the fluctuating progress of peace talks. The average Brent crude oil price was $102.5 per barrel, up 54.2% year-on-year and 2.9% month-on-month. Looking ahead, with the continued low navigability of the straits, both the EIA and IEA expect the supply gap to widen throughout the year. Even if peace talks progress smoothly, after briefly absorbing bearish news, oil prices will still face a reality of tight supply due to the slow recovery in production, and high prices are expected to remain sticky. We recommend oil and gas exploration and production enterprises that benefit from high oil prices, as well as non-oil process route companies with cost advantages, and leading companies in light chemical and coal chemical industries.