Brent Crude Price Forecasts Soar Amid Middle East Supply Disruptions

Citi and ANZ have raised their forecasts for Brent crude oil prices amid ongoing supply disruptions in the Middle East.

Citi lifted its third-quarter 2026 Brent forecast to $86 per barrel, citing unsustainable current market conditions due to a U.S. blockade of Iran and reduced flows through the Strait of Hormuz.

The bank expects a reopening of the Strait in the fourth quarter, which would lead to an estimated surplus of 3 million to 4 million barrels per day, up from about 2 million previously.

ANZ also raised its short-term Brent crude forecast to $95 per barrel, stating that the market is entering a delicate adaptation phase with declining inventories and further demand destruction required to rebuild stocks.