JP Morgan lowers Brent crude price forecast for second-half 2026

J.P. Morgan has updated its Brent crude oil price forecast for 2026, lowering expectations due to unexpectedly weaker inventory draws and a decline in oil demand. The bank now estimates Brent prices will average $86 in Q3 and $80 in Q4, finishing the year at $78. This downward revision arises from private operators maintaining stock levels, making government releases critical for refinery operations.