JPMorgan Expects Oil Prices to Stay Above $100 Despite Hormuz Reopening

SEATTLE (Oil Monster): JPMorgan Chase & Co. expects global crude oil prices to remain in the low $100-per-barrel range for an extended period despite a possible reopening of the Strait of Hormuz, citing continued supply chain disruptions and logistical bottlenecks across energy markets.

According to the bank’s revised outlook, crude prices are likely to stay elevated through most of the year even if normal shipping resumes in the strategically vital waterway in the coming weeks.

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The report noted that shipping disruptions, refinery constraints and tanker shortages are expected to continue weighing on global oil supplies, limiting the chances of a rapid price correction.

JPMorgan projects that Brent crude could average around $97 per barrel in 2026, suggesting that supply tightness may persist over the medium term.

Oil prices climbed again Tuesday, with Brent crude rising above $105 per barrel after Donald Trump criticized Iran’s response to Washington’s peace proposal, raising fresh concerns over regional stability.

Meanwhile, U.S. benchmark WTI crude neared $100 per barrel, while OPEC output declined by 830,000 barrels per day in April, adding pressure on global energy markets and weighing on broader equity indices.