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(Reuters) – Barclays on Friday cut its Brent crude price forecasts to $96 per barrel for 2026 and $85 per barrel for 2027, down from $100 and $88 respectively, after an increase in oil flows through the Strait of Hormuz.
- Crude prices were on course for weekly losses, as more oil tankers exited the strait, easing supply concerns, even though a cargo vessel was hit near Oman on Thursday.
- Data on Thursday showed that crude shipments through the strait rose this week to their highest since the U.S.-Israeli conflict with Iran began at the end of February.
- But Barclays said that even if flows continue returning to more normal levels in the coming days, inventories are likely to decline for at least a few more weeks.
- Barclays said its balances indicate a deficit in the third quarter of 2026, largely due to the lag in production recovery.
- Saudi Aramco resumed oil loading at its Ras Tanura terminal in the Gulf after a nearly four-month halt, data from LSEG showed.
- UBS on Thursday cut its Brent crude forecasts to $85 a barrel for end-September and end-December, from $105 and $95 respectively.
Reporting by Ashitha Shivaprasad in Bengaluru; editing by Barbara Lewis
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