BRENT TO STAY ABOVE $100 INTO 2026 AS SUPPLY BOTTLENECKS PERSIST JPMorgan expects Brent crude to hold in the low-$100s through much of 2026, even if the Strait of Hormuz reopens in June, citing tight inventories and logistical constraints. The bank says rapid stock draws and seasonal demand will push OECD inventories toward stress levels by August, keeping markets tight despite any reopening. It forecasts Brent averaging $96 in 2026, with peaks above $100 in mid-year quarters. Analysts also warn that bottlenecks may shift to tanker capacity and refining limits, delaying normalization. Saudi Aramco’s CEO has separately called the current disruption the most severe ever, warning recovery could slip into 2027.(*Walter Bloomberg)