Bank of America boosts Brent oil forecast to 2026

Bank of America has raised its forecast for Brent crude oil prices in the second half of 2026 to $95 per barrel, up from a previous estimate of $83. This increase is attributed to ongoing tensions in the Middle East and their impact on global oil supplies, especially via the Strait of Hormuz, where flows remain roughly 4-8 million barrels per day below pre-war levels. Although alternative routes and export options are being utilized, risks persist due to bottlenecks and instability, with expectations that sustained tensions could push prices higher, potentially exceeding $150 per barrel if supply shortages continue unabated. In the long term, the bank expects Brent to decline to around $80 in 2027 as flows improve and some pressures ease, but continued unrest could lead to sharp market fluctuations.

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