On Monday, our energy strategists revised their baseline forecasts for energy prices to reflect the extended duration of the armed conflict with Iran and the damage done to critical energy infrastructure in the Gulf region. Rabobank’s baseline scenario is now that the fighting will continue into mid-April, followed by a slow reopening of the Strait of Hormuz. Consequently, we are raising our WTI crude oil targets again after a material deterioration to the prospect of any swift resumption of energy flows. We estimate that WTI will average $98/bbl in Q2, $88/bbl in Q3, and $83/bbl in Q4. We have raised our 2027 ... (full story)