JP Morgan has revised its forecast for Brent crude oil prices, predicting they will average $96 per barrel throughout 2026, even with a potential reopening of the Strait of Hormuz on June 1. The bank's analysis suggests that ongoing inventory depletion and logistical challenges will maintain pressure on prices. In particular, seasonal demand is expected to increase as OECD commercial inventories approach operational stress levels by August. Quarterly averages are projected at $103 for the second quarter, $104 for the third, and $98 for the fourth quarter. Looking ahead to 2027, JP Morgan anticipates that Gulf producers will increase output to recover lost revenues, which may lead to a market oversupply and downward pressure on prices as inventories normalize toward pre-war levels.