Stranded

Geopolitical tensions in the Middle East and the Strait of Hormuz are driving oil prices toward a projected $120/bbl average for Q3, while US consumer sentiment remains weak.

Key Takeaways

• 1.Complications and ship blockages in the Strait of Hormuz are expected to persist for approximately three months, with roughly 1,500 ships trapped.
• 2.Oil prices are forecasted to stay higher for longer, with Brent expected to average $120/bbl in Q3 2026 due to the Middle East stalemate.
• 3.A Moscow court ruled that Russia incurred $250 billion in losses from assets frozen by Euroclear, though Euroclear intends to ignore the ruling.

Table of Contents

• Market comment
• Day ahead
• FX Strategy
• Fixed Income Strategy
• Agri Commodity Markets
• Energy Markets
• Client coverage
• Disclaimer

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