Barclays raises its 2026 Brent crude oil price forecast to $85 per barrel due to disruptions in the Hormuz Strait.

Barclays Bank on Friday raised its 2026 Brent crude price forecast to $85 per barrel, citing continued supply disruptions related to the conflict with Iran causing a significant decrease in oil flow through the Strait of Hormuz. The bank stated that oil flow through the Strait of Hormuz has dwindled to a trickle, with production cuts in Gulf countries exceeding 10 million barrels per day. According to a research report from Barclays Bank, the revised forecast is based on the assumption that the situation in the Strait of Hormuz will return to normal within two to three weeks. The bank added: "However, if the market expects the situation to return to normal within four to six weeks, then the 2026 Brent crude price could rise to $100 per barrel."