HSBC raises its 2026 Brent crude oil price forecast to $80 per barrel

LootboxPhobia · 2026-03-10T20:56:37+00:00

HSBC has raised its 2026 Brent crude oil price forecast to $80 and its WTI crude oil forecast to $76. Due to the Iran conflict leading to the closure of the Strait of Hormuz, oil prices surged significantly, with Brent and WTI crude oil prices rising by 27% and 33%, respectively.

LootboxPhobia

2026-03-10 20:56:37

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Investing.com – HSBC raised its average price forecast for Brent crude oil in 2026 by $15 to $80 per barrel, and increased its WTI crude oil forecast by $14 to $76.

As of 13:28 GMT, Brent crude oil fell 7% to $91.99, while WTI crude oil dropped 6.2% to $88.89.

Since the outbreak of war involving Iran last week, Brent crude oil prices have risen over 27%, and WTI crude oil prices have increased about 33%. Both benchmark prices briefly exceeded $119 on Monday, reaching the highest levels since mid-2022.

The surge in oil prices is due to the conflict causing the Strait of Hormuz to close, a critical chokepoint that carries about one-fifth of the world’s oil supply.

The closure of the strait has halted vessel traffic in the region, leading major OPEC oil producers such as Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates to reduce oil shipments.

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