UBS Lowers Brent Oil Price Forecast to $80 per Barrel for Second Half of Year

On July 2, UBS reduced its price forecast for Brent crude oil in the third and fourth quarters to $80 per barrel and lowered its average Brent crude oil price forecast for 2027 to $75 per barrel. The recent signing of a memorandum of understanding between the United States and Iran, along with an increase in oil flow through the Strait of Hormuz, prompted the bank to adjust its near-term oil price forecasts.