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Morgan Stanley lowers oil forecasts amid Strait of Hormuz recovery
Morgan Stanley has cut its oil price forecast for the second time in two weeks due to the quicker-than-expected resumption of shipping traffic through the Strait of Hormuz. This comes amid continued high US supplies and weak Chinese demand, increasing the risk of a surplus. The bank expects Brent crude to reach $75 per barrel in the third and fourth quarters of 2026 and to rise to $70 by the end of 2027, with traffic flows through Hormuz returning to around 65% of pre-conflict levels by 2027.
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