Gate News reports that on March 20, UBS Group raised its oil price forecasts for 2026 and 2027 to reflect the closure of the Strait of Hormuz (a critical global oil transportation route) and ongoing conflicts in the Middle East. UBS increased its 2026 oil price forecast by $14 to $86 per barrel and its 2027 forecast by $10 to $80 per barrel. Analysts stated, “This forecast is based on the assumption that the conflict will continue for another 2 to 3 weeks until early April, and oil flows through the Strait of Hormuz will remain severely reduced. We assume that major oil fields and terminals will not be damaged, and from April onward, the flow through the Strait of Hormuz will gradually recover but will not return to normal completely.”
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