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Commodities Score 75 Neutral

Oxford Economics Forecasts $113/bbl Average for Brent Crude in Q2

Apr 02, 2026 13:54 UTC
CL=F, XLE, ^VIX
Medium term

Oxford Economics predicts Brent crude oil will average $113 per barrel in the second quarter of 2026, despite ongoing diplomatic efforts to de-escalate tensions in the Middle East.

  • Oxford Economics forecasts Brent crude to average $113/bbl in Q2 2026.
  • Ryan Sweet, chief U.S. economist at Oxford Economics, provides the projection.
  • Diplomatic efforts to de-escalate Middle East tensions are ongoing.
  • Energy and defense sectors may face impacts from higher oil prices.
  • Market sensitivity to geopolitical developments remains high.

Ryan Sweet, chief U.S. economist at Oxford Economics, has projected that Brent crude oil will average $113 per barrel during the second quarter of 2026. This forecast comes amid diplomatic initiatives aimed at reducing military operations in the Middle East, a region critical to global oil markets.\nThe prediction highlights the persistent pressures influencing oil prices, including geopolitical uncertainties and supply chain disruptions. While efforts to stabilize the region are underway, the market remains sensitive to potential escalations or unexpected developments. Oxford Economics' analysis suggests that these factors will continue to support higher oil prices in the near term.\nEnergy and defense sectors are likely to be impacted by the projected rise in oil prices. Higher crude prices typically translate to increased costs for energy producers and consumers, while defense companies may see heightened demand due to ongoing geopolitical tensions. Investors tracking the energy market should monitor developments in the Middle East and global supply dynamics closely.

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