Bank of America cuts 2026 Brent forecast to 82

Bank of America has lowered its forecast for the average Brent crude oil price in 2026 to $82 per barrel from $93, following an American-Iranian agreement to reopen the Strait of Hormuz, which triggered a market sell-off. The bank expects oil prices to range between $70 and $80 during the second half of the year, amid ongoing concerns over delayed return to normal navigation levels due to mine clearance operations. This could keep the market in a deficit until the last quarter. The bank also projects that the market will record a deficit of 2.6 million barrels per day in 2026, while it anticipates the average price to reach $70 in 2027, with a market surplus returning.

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