Brent: Supply recovery meets weak China demand – ING
The post Brent: Supply recovery meets weak China demand – ING appeared on BitcoinEthereumNews.com. ING’s Warren Patterson notes that Oil prices fell after the US–Iran Memorandum of Understanding allowed Persian Gulf supply to recover faster than expected, while demand lagged. He now forecasts Brent at $80/bbl in 3Q26, $74/bbl in 4Q26 and $70/bbl in 2027, but warns that renewed US–Iran tensions and uncertain Chinese buying could push Brent toward $100/bbl. Brent outlook shaped by Gulf risks “The oil market came under significant pressure following the Memorandum of Understanding between the US and Iran on 17 June. The deal allowed oil flows to recover at a much quicker pace than expected, which led to a weakening in the physical oil market. The return of Persian Gulf supply coincided with the continued release of oil from strategic reserves, along with demand recovering at a relatively slower pace than supply.” “We had originally anticipated that the normalisation of oil flows from the