Singapore: International rating agency Moody's Ratings projects that Brent crude oil prices will mainly remain in the range of $90-110 per barrel until the end of 2026, APA-Economics reports. The agency's forecast suggests a stable price range for the next few years before a reduction in prices is expected in the medium term.

According to Azeri-Press News Agency, Moody's baseline scenario foresees the price of Brent crude oil staying within the specified range until 2026, after which a decline toward $55-75 per barrel is anticipated. The ongoing conflict in the Middle East is cited as a significant factor disrupting oil trade flows. Increased attacks on vessels in strategic routes such as the Strait of Hormuz and the Red Sea have curtailed crude oil exports, challenging the prospect of trade normalization by early 2027 as previously forecasted by Moody's.

The report highlights a decrease in Saudi Arabia's crude oil supply to the market, which fell to 7 million barrels per day in August from 7.4 million barrels per day in July. This decline is attributed to tankers avoiding the Bab al-Mandab Strait, opting for alternative routes to circumvent the conflict-affected areas.