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Jun 23, 2026 Major1
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Macquarie Slashes Brent Forecast Amid Anticipated Recovery of Middle East Oil Flows
Macquarie Group Ltd. has lowered its Brent crude oil price forecast for 2026 and 2027, anticipating a quick return to normal oil flows from the Middle East after the Iran war. Inventories at the Cushing storage hub in Oklahoma have fallen to about 20 million barrels, the lowest since 2014, due to surging U.S. exports.
Quick Facts
Who
Macquarie Group Ltd.
What
slashed Brent crude oil price forecast
When
2026
Where
Cushing, Oklahoma, US
- slashed Brent crude oil price forecast
- inventories fell to lowest since 2014
- Macquarie Group Ltd.
- Cushing crude oil storage terminal
- 20 million barrels
Macquarie Group Ltd. has sharply cut its Brent crude oil price forecast for 2026 and 2027, citing expectations for a swift restoration of normal oil flows from the Middle East. The revision comes as the Iran war continues to disrupt global supply chains, drawing down inventories at key storage hubs.
At the Cushing crude oil storage terminal in Oklahoma, the largest commercial storage hub in the United States, inventories have dropped to approximately 20 million barrels — the lowest level since 2014. The decline is attributed to surging U.S. exports aimed at offsetting supply losses from the conflict zone.
Macquarie's analysts predict that once the hostilities subside, a rapid recovery of Middle Eastern oil exports will ease global supply constraints and push prices lower. The bank's revised outlook reflects confidence in the resilience of global oil markets and the ability of producers to ramp up output after the conflict.
The forecast adjustment underscores the delicate balance between current war-driven shortages and the expectation of a future glut. Industry observers note that the pace of the recovery will depend on the duration of the Iran war and the state of infrastructure in affected regions.
Why This Matters
This forecast directly impacts energy traders, investors, and businesses reliant on oil prices. The anticipated price decline could reduce fuel costs for consumers and transportation sectors, but also signals potential revenue losses for oil-producing nations and companies. The inventory drawdown at Cushing highlights supply tightness now, while the forward-looking cut warns of a possible glut post-conflict, creating strategic opportunities for hedging and procurement.
Timeline & Sources
Jun 18, 2026
WireInventory levels at Cushing storage terminal reported at about 20 million barrels, lowest since 2014.
Jun 23, 2026
WireMacquarie Group slashes Brent oil price forecast for 2026 and 2027.