UBS Lowers Oil Forecast After Hormuz Developments

The Swiss banking group UBS announced that it has lowered its forecast for Brent crude oil prices to around $80 per barrel, a decrease of $25 for the third quarter of the year, citing improved oil flows through the Strait of Hormuz following the agreement between the United States and Iran. It also revised its 2027 outlook downward by $10, settling at $75, as geopolitical tensions and their impact on the oil and natural gas markets continue to diminish.

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