Bank of America Forecasts Brent Crude at $90/bbl as Best Case; Could Hit $130 if Standoff Extends Through Early July

According to Bank of America's head of commodities and derivatives research, Brent crude oil could average $90 per barrel for the remainder of 2026 as the best-case scenario. If the standoff with Iran persists or escalates due to new military actions, market prices could advance further to $130 per barrel, particularly if such tensions extend through early July.

Wall Street strategists increasingly expect Brent crude to remain around $90 per barrel this year amid growing concerns over the Strait of Hormuz. Goldman Sachs previously raised its year-end Brent oil price forecast to approximately $90 per barrel.