Sasol Ltd. (NYSE:SSL) is one of the 10 Must-Watch Stocks Right Now.

Sasol soared to an over two-year high on Friday, as investors loaded portfolios after an investment turned bullish for the stock and upgraded its price target by more than 100 percent.

At intra-day trading, Sasol Ltd. (NYSE:SSL) soared to a new record high of $11.51 before trimming gains to end the session just up by 6.70 percent at $11.31 apiece.

This followed JPMorgan’s rating upgrade for Sasol Ltd. (NYSE:SSL) to “overweight” from “underweight” previously, while issuing a new price target of 209 rand, or a 122 percent boost from 94 rand previously.

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The coverage was based on its optimism that Sasol Ltd. (NYSE:SSL) would benefit from higher oil prices amid ongoing tensions in the Middle East and the continuing surge in oil prices due to supply disruptions.

According to JPMorgan, its global commodities unit expects oil production cuts of 12 million barrels per day (bpd) in seven days, and further to 16 million bpd in the next 14 days. The Middle East and North Africa regions have already slashed production of approximately 5.5 million bpd.

Additionally, JPMorgan expects benchmark crude oil prices to jump to $120 per barrel and further to $250 if the Strait of Hormuz—a critical waterway where 20 percent of the global oil supply passes through—closes for six months.

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