ANZ raises its 2026 Brent forecast to above 90 dollars a barrel

Australian bank ANZ has raised its forecast for the average 2026 price of Brent crude to above 90 dollars a barrel, citing the loss of roughly 10 million barrels a day of global supply because of the war and the continuing US naval blockade of the Strait of Hormuz.

Brent rose above 87 dollars on Friday, July 17, its highest in a month, and gained more than 10 percent over the week. The naval blockade was reimposed on Tuesday, July 14, and commercial traffic through the Strait of Hormuz remains very limited.

Any sustained jump in global oil prices has two opposing effects for Iran: it lifts the value of its oil exports, while also adding to domestic inflation by making fuel and imported goods more expensive.