Hormuz risks keep oil prices elevated, with $100 barrel possible

Oil prices are expected to remain elevated due to disruptions in the Strait of Hormuz, with analysts warning of a potential rise above $100 per barrel if flows are further disrupted. The U.S. Energy Information Administration forecasts Brent crude to average $85 per barrel in Q3 2026, up $11 from prior estimates, as global inventories draw down by 3.8 million barrels per day. Rabobank holds a more bullish view, raising its Q3 and Q4 forecasts to $90 per barrel. Brent currently trades around $86, having spiked above $120 earlier in 2026 before cooling. Rabobank sees $70-$75 as support and $95-$100 as the upper range, with prices easing only as Hormuz traffic gradually recovers)Skip