(March 10): HSBC on Tuesday raised its 2026 average Brent oil price forecast by US$15 to US$80 per barrel and lifted its WTI outlook by US$14 to US$76. Brent prices have gained more than 27% since the war involving Iran began last week, while WTI has risen about 33%. 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. Brent was down 6.7% at US$92.06, while WTI fell 5.7% to US$89.21 as of 1300 GMT, after US President Donald Trump said the Middle East war could end soon, easing worries about prolonged supply disruptions.

Source: The Edge Markets March 10, 2026 13:50 UTC