BofA Boosts 2026 Brent Crude Outlook Following Strait of Hormuz Supply Shock

Bank of America significantly raised its 2026 Brent crude oil forecast to $77.50 from $61 following supply disruptions at the Strait of Hormuz that drained 200 million barrels. The bank also boosted price targets for energy exploration and production stocks including FANG, DVN, and OVV.