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Industry - Commodity Price Forecasts - Commodity Price Forecasts

Publisher Oxford Economics
Published Mar 12, 2026
Length 19 Pages
SKU # OFE21076978

Description

Our oil forecasts reflect a 4 mbpd supply disruption, with flows returning by the end of Q2. On this basis, we expect Brent to average $79 pb, $15 above our February baseline. This view depends on the disruption being temporary, with trade largely delayed rather than permanently curtailed, and with pipeline bypasses and inventories helping to buffer the supply loss.

Table of Contents

19 Pages
Global: Forecasts hiked on Strait closure, risks skewed to upside
Oil Overview
Price upgraded on Hormuz shock
Balances and inventories
Gas Overview
Disruption to Qatari LNG raises prices
European gas (TTF)
US gas (Henry Hub)
Iron and Steel Overview
Bearish outlook for iron ore prices
Trade policy main steel price determinant
Base Metals Overview
Price forecasts revised higher
Precious Metals Overview
Gold prices remain near record highs
Silver volatility is two
way
Battery Metals Overview
Price support tempers oversupply
Agricultural Commodities Overview
Fertiliser forecasts upgraded
Lumber prices volatile
Risks
Iran conflict
US tariffs
Russia
Ukraine war
Macroeconomic risks
Chinese stockpiling
Resource nationalism

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