BofA, Standard Chartered raise Brent price forecasts

Oil drilling rigs

Bank of America (BofA) and Standard Chartered raised their oil price forecasts for this year, citing a prolonged supply shock linked to the closure of the Strait of Hormuz and the risk of extended disruption in global energy markets.

BofA now expects Brent crude to average $77.5 per barrel this year, up from a previous forecast of $61, Reuters reported.

The bank’s commodities research team said in a note the updated outlook reflects two equally likely scenarios: a swift resolution restoring oil flows by April, which could push Brent toward $70, or a more prolonged disruption extending into the second quarter, lifting prices to around $85.

Standard Chartered also raised its Brent forecast to $85.5 per barrel for 2026 from $70, and now expects prices to reach $78 in the first quarter, up from a prior estimate of $74, with Brent seen hitting $98 in the second quarter.