DBS: Oil prices could reach $150 per barrel, defense stocks to enter a super cycle

Golden Ten Data March 4｜DBS estimates that the oil price fluctuation range will fall between $85 and $150 per barrel, with the specific price depending on the duration of the conflict and the feasibility of energy transportation. DBS is particularly optimistic about defense stocks, mainly because the industry is currently in an ammunition super cycle and is expected to see continued growth in long-term defense spending, providing strong support amid turbulent situations. Meanwhile, gold, as a traditional safe-haven asset, has performed strongly under long-term geopolitical uncertainty, reflecting the growing market demand for risk aversion. Additionally, the trend of de-dollarization and continued diversification of investments by global central banks further support gold price performance.