UBS Sees $110 Brent by Year-End as Gulf Flows Stay Below Prewar Levels

UBS has raised its Brent forecast for the second time this month and now expects crude to trade at $110 a barrel at the end of 2026, up from 100. The Swiss bank also lifted its 2027 curve by $5 a barrel at each point, to $95 for March, $90 for June and $85 for September.

“Uncertainty around our forecasts remains elevated, reflecting the unpredictable nature of the Middle East conflict, and the pace of recovery in Gulf production and global oil demand,” UBS said in a note. 74. UBS says Middle Eastern crude loadings have recovered substantially from the severe disruption earlier this year, but Gulf crude and condensate port loadings remain below prewar levels.