Oil Prices Seen Climbing further on Hormuz Disruptions, Red Sea Attacks

KARACHI (Agencies): Oil prices are forecast to rise further this year as shipping disruptions in the Strait of Hormuz and Houthi attacks in the Red Sea raise concerns over supply, according to a Reuters poll.

The July survey of 31 economists and analysts projects Brent crude will average $85.22 a barrel in 2026, up from $84.50 forecast in June. U.S. crude is expected to average $80.14, compared with last month’s estimate of $79.49. Year-to-date, the benchmarks have averaged $87.03 and $82.41 respectively.

Analysts noted that the U.S.-Iran conflict, which began in late February, has significantly cut traffic through the Strait of Hormuz. The waterway previously handled about one-fifth of global crude oil and natural gas shipments, and the disruption has impacted Middle Eastern output by millions of barrels per day.