UBS analysts stated that Brent crude oil prices are expected to remain broadly supported as rising inventories in maritime transport or stored on tankers have yet to translate into an oversupply on land. The international oil benchmark is projected to fluctuate within a trading range of $60-$70 per barrel, declining to $62 by year-end before rebounding to $67 by the end of 2026.

Giovanni Staunovo noted, "By mid-2026, market focus may shift to 2027, when we anticipate non-OPEC+ supply growth to stagnate—particularly against a backdrop of rising oil demand—shifting attention to limited spare capacity."