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Morgan Stanley warns of oil glut due to Hormuz
Morgan Stanley has lowered its oil price forecasts for the second time in two weeks, as flows through the Strait of Hormuz resume at a faster pace than expected. The bank anticipates that Brent crude will average $75 per barrel in the third and fourth quarters, and reach $70 by the end of 2027. Meanwhile, rising US exports and weak Chinese demand increase the risk of a market glut, driving oil toward its largest quarterly loss since the COVID-19 pandemic. Additionally, Brent crude prices have fallen by about 30% during this quarter after some traffic through the strait resumed, while efforts to reduce the global oil surplus remain disrupted.
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