Moody’s sees Brent at $90-$110 through end-2026

Moody’s Ratings expects Brent crude prices to remain mostly in a range of $90-$110 per barrel through the end of 2026.

Under the rating agency’s base-case scenario, Brent prices are expected to subsequently decline towards a $55-$75 per barrel range over the medium term.

Moody’s said the ongoing conflict in the Middle East was disrupting global oil trade flows. An increase in attacks on vessels in both the Strait of Hormuz and along the Red Sea route has reduced crude exports and made it less likely that oil trade will normalise by the first quarter of 2027, as assumed in its base case.

Saudi Arabia’s crude supply to the market fell to 7 million barrels per day in August from 7.4 million bpd in July, as tankers avoided the Bab el-Mandeb Strait and used alternative routes, Moody’s said.