Bank of America raised its Brent crude oil price forecast for the second half of 2026 from $83/barrel to $95/barrel, expecting Middle East tensions to persist until year-end. Despite alternative routes and escorted shipments, oil transit through the Strait of Hormuz remains 4-8 million barrels/day below pre-conflict levels. The bank projects an average Brent price of $80/barrel for 2027 but warns that near-month contract prices could surge above $150/barrel if disruptions continue.