HSBC on Tuesday raised its 2026 average Brent oil price forecast by $15 to $80 per barrel and lifted its WTI outlook by $14 to $76.

Brent was down 7% at $91.99, while WTI fell 6.2% to $88.89 as of 13:28 GMT.

Brent prices have gained more than 27% since the war involving Iran began last week, while WTI has risen about 33%. Both benchmarks briefly topped $119 on Monday, their highest levels since mid-2022.

Prices jumped after the conflict prompted the closure of the Strait of Hormuz, a key chokepoint through which about a fifth of global oil supply passes.

The shutdown has led major OPEC producers Saudi Arabia, Iraq, Kuwait and the United Arab Emirates to reduce shipments as vessel traffic across the region stalls.
Source: Investing.com