UBS raises average Brent price forecasts for first quarter, full year 2026

March 4 (Reuters) - UBS on Wednesday raised its average Brent crude oil price forecasts for the first quarter and full year 2026, citing escalating conflict in the Middle East and the current near de facto closure of the Strait of Hormuz.

The bank now sees the Brent price at an average $71 per barrel in the first quarter, implying around $80 a barrel in March, and at $72 per barrel in 2026, a $10 increase from its previous forecast.

The bank said it was leaving its forecasts for later years unchanged at this stage at $70 for 2027 and $75 for 2028, but that risk would be to the upside.