Major banks lower oil price forecasts after US-Iran deal
Morgan Stanley and Goldman Sachs have lowered their expectations for oil prices in the fourth quarter of the year, following the announcement of a preliminary agreement between the United States and Iran to reopen the Strait of Hormuz. This development boosts hopes for a return of oil supplies and reduces fears of exports being disrupted. The banks forecast that Gulf exports will return to pre-war levels by July and August, although ongoing security risks could delay the full resumption of shipments. Oil prices declined to their lowest levels since March, as markets are expected to move toward gradual stability in supply.
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