The Emirates NBD Bank has raised its oil price forecasts for the year 2026, citing ongoing tensions in the Middle East and disruptions to global supply flows, which are likely to keep prices elevated.
According to a recent report, the bank has significantly adjusted its oil price predictions, influenced by factors such as the closure of the Strait of Hormuz and a decline in exports. The report highlights that global energy markets are still experiencing shock due to geopolitical unrest.
On a yearly basis, the report estimates that the average price of Brent crude could reach approximately $81 per barrel in 2026, reflecting an increase of 19% compared to the previous year, amidst sustained pressures on global supplies.