Following UBS, JPMorgan, Bank of America, Goldman Sachs, and Morgan Stanley, Barclays has also lowered its oil price forecast.

The oil flow through the Strait of Hormuz has rebounded significantly, reaching approximately 80% of pre-war levels. However, this normalization process is still incomplete. According to the bank, Iran is asserting control by levying fees and coordinating mechanisms, which has created friction and could potentially delay a full recovery. A temporary agreement reached last week aimed at ending the US-Israel conflict against Iran has allowed traffic on the Strait of Hormuz shipping lanes to resume. Read more