Reuters survey: Analysts raise annual oil price forecasts by the largest margin on record

The Strait of Hormuz oil transportation obstruction and the disruption in supply caused by the Iran War have prompted analysts to raise their annual oil price forecasts by the largest margin on record in a Reuters survey. The survey conducted in March showed that the average price of Brent crude oil in 2026 is expected to be $82.85 per barrel, about 30% higher than the $63.85 forecast in the survey conducted before the outbreak of the war in February. This $19 increase marks the largest upward revision in annual price forecasts. The average price of U.S. crude oil in 2026 is expected to be $76.78 per barrel, compared to $60.38 in the February forecast. Both benchmarks have risen by about 60% since the conflict began on February 28, and Brent crude oil is set to record a record monthly gain. Some analysts point out that if the Strait of Hormuz remains closed for a long time, oil prices may test the record high of $147 per barrel set in 2008. Supply is expected to gradually recover in April and May, but even so, prices are likely to remain at elevated levels thereafter.