Brent crude may exceed Barclays’ $100 2026 forecast due to record-low inventories and supply constraints.
Barclays maintained its $100 per barrel Brent crude forecast for 2026 but warned of upside risks as global oil inventories plunge to multi-year lows. The closure of the Strait of Hormuz has exacerbated supply disruptions, draining U.S. and global stockpiles.
Current inventory trends point to a 6-8 million barrels per day deficit, with U.S. inventories nearing their lowest levels since 2020. The bank highlighted the worst supply disruption in history as a key driver of price volatility.
No immediate market reaction was specified, but the warning underscores tightening supply conditions expected to persist through 2026.