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Bank of America has raised its forecast for the average Brent crude oil price to $83 per barrel during the second half of 2026, amid escalating risks related to conflicts in the Middle East and the Strait of Hormuz. These tensions could push the price to $150 if the conflict widens and causes significant damage to energy infrastructure. The bank also noted that prices might range between $95 and $120 if hostilities that limit oil flows continue until the end of the year, amid concerns over ongoing attacks on oil facilities and global energy trade. Currently, Brent is approaching the $100 mark, having experienced a significant increase over the past two months.
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