Amsterdam: Dutch financial group ING Group has raised its forecast for Brent oil prices for 2026, APA-Economics reports. ING increased its forecast for the average price of Brent crude oil for 2026 by $4 compared to the previous estimate, raising it from $89 to $93 per barrel.

According to Azeri-Press News Agency, the bank's updated forecast released in May anticipates the average price of Brent oil to stand at $104 in the second quarter of 2026, $99 in the third quarter, and $92 in the fourth quarter. However, the forecast for 2027 remains unchanged, with the average oil price expected to be $77 per barrel.

ING's forecast details that the average price of Brent oil will amount to $82 in the first quarter of 2027, $79 in the second quarter, $75 in the third quarter, and $72 in the fourth quarter. The upward revision of the forecast is linked to increasing supply risks in energy markets caused by geopolitical tensions in the Middle East.