ANZ lifts crude oil target price to US$95 per barrel

• ANZ raised its short-term Brent crude price forecast to US$95 per barrel.
• The revised forecast reflects depleted global oil inventories and persistent Middle East conflict.
• Global crude demand is projected to fall by 1.7 million barrels per day in 2026.

ANZ (ASX:ANZ) has raised its short-term Brent crude price forecast to US$95 per barrel as Middle East conflict and depleted global inventories squeeze supply.

The bank warned that crude prices could climb higher if fighting intensifies following the expiry of a memorandum of understanding.

“Rebuilding stocks will require further demand destruction,” said ANZ Senior Commodity Strategist Daniel Hynes.

Under the company's base case, Persian Gulf output will stay constrained before a gradual reopening late in the fourth quarter of 2026, with a full return to pre-war production levels not anticipated until early 2027.

ANZ stated that oil prices are projected to ease gradually to between US$85 and US$90 a barrel during 2027 as regional supply slowly recovers.

Following the announcement, the ANZ share price was unchanged at $38.09.

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