Iran, Israel and Brent crude oil
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The crude oil market initially gapped higher on Monday, only to turn back around and show signs of weakness. In fact, by the time we got to the “open cry” session, the market had turned negative.
Banks are cutting estimates for the average oil price this year to below $60 a barrel amid production hikes from OPEC+ and flat crude demand growth, according to a survey from the law firm Haynes Boone LLP.
JP Morgan is sticking to its base-case oil price forecast for 2025, projecting Brent crude will trade in the low-to-mid $60s, despite a sharp escalation in geopolitical tensions involving Iran, the U.
Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.
Experts are forecasting an unprecedented oil price hike with the spiral of military strikes between Israel and its neighbours.
JP Morgan downplayed geopolitical concerns on Thursday and maintained its base case forecast for oil prices to stay in the low-to-mid $60s through 2025 and $60 in 2026, but said certain worst-case scenarios could send prices surging to double those levels.
Midland Reporter-Telegram on MSN9d
Banks lower long-term oil price forecasts in Haynes Boone surveyTwice per year, law firm Haynes Boone surveys banks that lend to the energy industry to take their pulse on where oil and gas prices are heading.
More than two dozen banks have cut their 2025 forecasts for oil prices in the wake of OPEC's move to accelerate production hikes later this summer, according to a new survey.
That sent the yield on the 10-year Treasury up to 4.41% from 4.36% late Thursday. Higher yields can tug down on prices for stocks and other investments, while making it more expensive for U.S. companies and households to borrow money.
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