Morgan Stanley reaffirms $110/barrel oil price forecast

The investment bank said in a note issued, on April 13, that it expects oil supply chains to take months to return to normal, even if the Strait of Hormuz is reopened.

It added that, in its base-case scenario, shipments through the strait will remain at low levels in April before recovering around 70% of the lost volumes between May and July and reaching full stabilization by October.

These projections come as Brent crude prices crossed the $ 100-per-barrel mark again at the start of the week, with the US Navy preparing to close the Strait of Hormuz to vessels traveling to and from Iran following Washington and Tehran’s failure to reach an agreement to end the war.