12:00 PM EDT, 04/15/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

The weekend attack by Iran on Israel has raised the specter of a wider and more direct conflict between these two nations which, until now, have largely engaged in battle through Iran's proxies in the Middle East. We think the U.S. will lean on Israel to avoid further direct tit-for-tat escalation, and we think that Israel will grudgingly acquiesce. As a result, the recent boost to WTI crude prices, some of which is arguably due to a heightened geopolitical risk premium, could come off the boil. Nonetheless, we see reasons to be bullish on crude, notably a burgeoning recovery in China's economy, which is the key catalyst on the demand side. We think a near-term rise above $100 is probably now off the table (barring more Iran-Israel battles), but we still believe WTI trading in the $90/b-$95/b range in 2024 is highly viable. If crude prices remain above $75/b (currently: $84/b), we think OXY could generate sizable free cash flow and could use funds to deleverage following recent M&A activity.