Barclays reiterates bullish Repsol call on $100 oil, three catalysts

Barclays reaffirms an optimistic stance on Repsol, citing three bullish catalysts as Brent approaches $100/bbl, which is accelerating the stock's outperformance on the Ibex in 2026. The note is a reiteration of an existing view rather than a new development, but it underscores the energy sector's sensitivity to sustained high oil prices. The key uncertainty is whether oil prices hold above $100, which would validate the thesis.