Wells Fargo Lifts Oil Price Targets Amid Supply Risks

Wells Fargo's Investment Institute has updated its oil price targets for 2027. The institute expects ongoing supply disruptions to gradually ease through next year, but will still add a premium to each barrel due to closure risks. As a result, the target prices for oil in 2027 have been raised.

The current year-end target for Brent crude is now $75-$85 per barrel, up from the previous estimate of $70-$80. The price target for WTI has also been revised to $80-$90 per barrel, from its previous range of $75-$85.

The analysts at Wells Fargo expect prices to stabilize from recent highs but remain above their previous targets through 2027. They anticipate countries will rebuild depleted energy inventories as supply conditions normalize.