JP Morgan Sees Oil Above $100 a Barrel for the Rest of 2026
JP Morgan forecasts that Brent crude will stay in the low $100s for the rest of the year, even if the Strait of Hormuz reopens next month. The call has direct implications for Latin America's oil exporters and importers.
JP Morgan expects Brent crude to remain in the low $100s a barrel for the rest of 2026. The bank's energy team said that even if the Strait of Hormuz reopens next month, the accumulated losses will take time for the market to absorb.
For Latin America, the call has split implications. Major producers such as Brazil, Colombia, and Venezuela stand to benefit from higher fiscal revenues, while net importers like Chile and Peru face mounting pressure on fuel subsidies and public finances.
Analysts will be watching how much spare OPEC+ capacity comes back online and whether Asian refiners continue shifting toward alternative supply sources. For the region's central banks, persistent energy inflation is making it harder to ease off a restrictive policy stance.
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