Macquarie has warned of a potential oil market oversupply risk from a possible deal between the United States and Iran. Such an agreement could release additional Iranian oil into the market, easing supply constraints at the Strait of Hormuz. The bank has revised its Brent crude price forecast downward to $77 per barrel in 2026 and $64 in 2027, compared to around $80 currently. This oversupply outlook has prompted a recalibration of price forecasts, with markets no longer anticipating a new all-time high for crude oil before September 30.
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