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We are updating our 2026 commodity price deck to reflect the impact of the conflict in the Middle East. The situation remains volatile, and the outcome for commodity prices depends on the duration of the conflict and the ability to restore shipping through the Strait of Hormuz. However, based on the market reaction to this point, we are updating our deck to $75 WTI and $4 Henry Hub, vs our previous estimate for $55/4. We will continue to update our outlook as the conflict evolves.

Front-month crude prices have averaged around $65 on a 2026 YTD basis with current levels in the mid-$80s at this writing, although quoted prices have surged above $100 and dropped to the high-$70s since the market opened on March 9. Current strip pricing implies prices in the ~80s for 2Q26 before moderating to the mid-to low-$70s in 2H26 and back down to the mid-$60s by early 2027. We view the figures as directionally correct, though it’s anyone’s guess on exact timing of when offramps occur and crude resumes flowing through the Strait of Hormuz.