Morgan Stanley forecasts Brent crude will drop to around $60 per barrel by early 2026, citing easing geopolitical tensions — particularly between Israel and Iran — and a well-supplied market.
- The bank projects strong non-OPEC supply growth of about 1 million barrels per day in both 2025 and 2026, which it says will be enough to keep pace with global demand increases.
- Morgan Stanley also reiterated its view of a 1.3 million barrels per day oversupply in 2026.
