JPMorgan cuts 2026 Brent crude forecast to $64 as Strait flows resume
JPMorgan lowered its year-end 2026 Brent crude price forecast to $64 a barrel as oil began flowing through the Strait of Hormuz faster than expected, with Brent falling below $74 Wednesday.
JPMorgan commodity strategist Natasha Kaneva cut her year-end 2026 Brent crude price forecast to $64 a barrel as oil flows through the Strait of Hormuz resumed faster than analysts anticipated [1]. Brent futures fell below $74 a barrel Wednesday, their lowest level since before the Iran conflict began, after oil broke below $75 for the first time since the war started [1].
United States Central Command reported that 55 merchant ships transited the Strait as of last week, moving more than 17 million barrels of oil to global markets [1]. Kaneva attributed the faster-than-expected price decline to crude finding its way through the Strait over the past three weeks, particularly since Memorial Day, even before any official peace agreement [1].
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