UBS raises Brent crude year-end target to $110 on persistent Middle East risks

October 28: UBS raised its year-end Brent crude forecast from $100 to $110 per barrel, citing supply disruptions in the Middle East, declining inventories, and record-high shipping costs.

The bank also raised its March 2027 target to $95 and its June 2027 target to $90.

The report noted that global visible oil inventories have fallen by more than 500 million barrels since February, while tanker freight costs from the Middle East to China have surged to $30–40 per barrel.