ANZ raises Brent oil price forecast to $95, warns that critically low inventories will keep prices high

(1) ANZ Bank has raised its short-term Brent crude oil price forecast to $95 per barrel (previously projected at $92 by the end of the third quarter), mainly because supply shocks from the Iran conflict have rapidly eroded buffer capacity. (2) Analysts point out that rebuilding the world’s depleted inventories will require further curbing of demand, meaning that oil prices are expected to stay elevated for the foreseeable future; if tensions in the Middle East escalate further, oil prices could rise even higher. (3) Looking ahead to 2027, as supply from the Persian Gulf region gradually recovers, oil prices are expected to fall back into the $85 to $90 per barrel range.