ANZ Raises Brent Forecast to $90 as Hormuz Blockade Removes 10 Million Bpd

Brent crude prices will remain above $90 per barrel through the end of this year as the war continues to cut off supply from the Middle East, analysts at Australia-based bank ANZ said on Tuesday. The bank raised its 2026 estimate from previous expectations of Brent averaging closer to $80 per barrel, amid mounting supply losses and increasingly distorted supply-demand balances. "The oil market no longer needs a worst-case escalation to justify higher pricing levels," the analysts at ANZ wrote in a research note carried by Reuters. The tightening…