Morgan Stanley (NYSE:MS) lowered its oil price forecasts for this year and next after noting that oil tankers are moving through the Strait of Hormuz faster than expected.
A team of Morgan Stanley strategists led by Martijn Rats lowered its fourth-quarter Brent crude forecast to $75 per barrel from $80 and cut its end-2027 target to $70 from $80, MarketWatch reported on Tuesday, citing the bank's latest client note.
The analysts cited improving oil flows, noting that 35 outbound oil and gas tankers transited the contested waterway last Thursday, returning traffic to pre-conflict levels.
These figures include five very large crude carriers (VLCCs), capable of transporting a combined 10 million barrels of crude oil for export.
On the same day, 15 tankers, including five VLCCs, transited the route inbound.
