Barclays keeps Brent forecasts unchanged, sees oil upside risks
USO•Barclays maintained its Brent forecasts at $100 a barrel for 2026 and $85 for 2027, and said oil markets may be underestimating upside risks.
1. Forecasts and risks
Barclays kept its Brent crude forecasts at $100 per barrel for 2026 and $85 for 2027. The bank said markets may be underestimating upside price risks, citing relatively light investor positioning, options markets that are not heavily priced for upside risk and strong physical market indicators.
2. Iran talks and trade
Barclays said comments from Iranian Foreign Minister Abbas Araghchi did not appear to signal a materially different negotiating stance, despite market expectations of progress in US-Iran talks. The bank recommended a tactical long in the September-minus-December 2027 Brent calendar spread, which was at $3.40 per barrel at the time of writing.
