What are Barclays' revised Brent crude price forecasts for 2026 and 2027, and what key factor prompted the downward revision?

Barclays cut its Brent crude price forecasts to $96 per barrel for 2026 and $85 per barrel for 2027, down from $100 and $88 respectively, primarily due to an increase in oil flows through the Strait of Hormuz, which eased supply concerns despite a recent vessel incident near Oman.

According to Barclays, what is expected to happen to global oil inventories in the near term, and why does the bank still anticipate a supply deficit in mid-2026 despite rising shipments?

Barclays stated that even if oil flows through the Strait of Hormuz return to more normal levels in the coming days, inventories are likely to decline for at least a few more weeks; the bank’s balances indicate a deficit in the third quarter of 2026, largely due to the lag in production recovery.

Barclays Cuts Brent Price Forecasts for 2026 and 2027

Jun 26, 2026

Barclays lowered Brent crude price forecasts to $96 per barrel for 2026 and $85 for 2027 due to increased oil flows through the Strait of Hormuz. UBS also cut its forecasts as supply concerns eased despite recent geopolitical events.

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