Standard Chartered Raises Brent Forecast Amid Middle East Tensions

Amid escalating tensions in the Middle East, Standard Chartered has revised its 2026 Brent oil price forecasts upwards. The bank now predicts higher prices in response to potential disruptions in regional oil production, notably from Iran, if conflicts in the area worsen.

As of 1749 GMT, Brent futures surged by approximately 6% to $82.38 a barrel, following aggressive military actions involving the U.S., Israel, and Iran in the region. Disruptions in oil shipments and strikes on energy infrastructure have fueled fears of a prolonged conflict.

Standard Chartered highlighted that although market perceptions suggest loose balances, limited spare capacity and critical transit routes remain a concern. OPEC+ signaled further output increases with a modest boost of 206,000 barrels per day in April.