Australia-based ANZ has raised its outlook for Oil – Brent Crude, projecting prices to hold above $90 per barrel through year-end as conflict-related disruptions in the Middle East, including constraints near the Strait of Hormuz, tighten supplies and reshape trade flows. The bank also lifted its 2026 Brent forecast from around $80, arguing that current supply losses are sufficient to support higher prices even without a further geopolitical shock.
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Over the past month, Oil – Brent Crude has fallen about 6.6%, while Oil – US Crude is roughly flat, slipping only 0.4%, highlighting a relative underperformance of seaborne benchmarks versus U.S. grades. Despite ANZ’s more bullish longer-term stance, near-term technical indicators show caution, with Brent and U.S. crude both flashing a 1-day Hold and Hold signal respectively, suggesting traders are waiting for clearer direction on supply risks and demand resilience.
Investors can explore more updates, prices, and analysis across global markets at Commodities.