Barclays expects higher Brent prices if Strait of Hormuz remains disrupted

- Barclays said that if the Strait of Hormuz remains blocked beyond the end of this month, Brent crude is likely to average above its current forecasts.

  • Barclays forecasts Brent crude will average $100 a barrel in 2026 and $88 a barrel in 2027, assuming freedom of navigation through the Strait is restored by the end of this month.

  • If normalisation is delayed until the end of July, it expects Brent to average $105 a barrel in 2026 and $95 in 2027.

  • A further delay until the end of August would raise the averages to $110 a barrel in 2026 and $105 in 2027, respectively.

  • Iran has continued to block most shipping through the Strait, which before the war that began at the end of February carried a fifth of the world's crude oil and liquefied natural gas.