Bank of America: $90 Oil Is Already the "Best-Case Scenario"; If Dual Blockades Persist, It Could Reach $130 in Early July

According to a report from Odaily Planet Daily, the head of Commodity and Derivatives Research at Bank of America stated that his best-case scenario for oil prices is an average Brent crude price of $90 per barrel for the remainder of the year. If the deadlock with Iran continues or escalates due to new hostilities, the market could move even higher.

As a short-term solution to the Strait of Hormuz crisis seems increasingly distant, more Wall Street strategists predict Brent crude will stay around $90 per barrel this year. Goldman Sachs raised its year-end Brent crude price forecast to around $90 per barrel a few weeks ago, with a WTI crude price estimate of $83. (Jinshi Data)