Bank of America raises Brent oil forecast to $95 from $83
The bank cites persistent Middle East tensions, lifting its outlook well above the range it set earlier this month.
Published
Chart: USO, a fund that tracks crude, one-minute prices through the session
Bank of America has raised its Brent crude oil price forecast to $95 a barrel, up from $83, citing persistent tensions in the Middle East.
The move marks a sharp shift from the bank's position on September 9, when its baseline called for $83 in the second half of 2026 and $75 next year, according to Axios. At the time, BofA assumed oil transits would gradually normalise and a prolonged conflict would be avoided, but it warned that continued skirmishes curbing oil flows into year end could push Brent to $95 to $120, Axios reported.
The new figure puts BofA roughly in line with HSBC, whose fourth-quarter Brent forecast already stood at $95 in early September, and above Goldman Sachs, which had a December Brent outlook of $85, according to Axios. In March, BofA had lifted its 2026 Brent forecast to $77.50, saying the Iran conflict had wiped out the global energy surplus, and floated scenarios of $100 to $130 a barrel if disruptions stretched into late 2026, Investing.com reported.
The higher forecast is constructive for oil-linked equities.