"We remain of the view that oil prices could potentially take out the Russia/Ukraine oil price highs of $128/bbl in 2022 or even the 2008 peak of ..."

"This scenario assumes Gulf output only fully recovers by Dec27, supported by pipeline extensions."

Houthi attacks are expanding the Middle East conflict into the Red Sea, forcing tankers to reroute and pushing Brent above $91 amid growing fears of prolonged supply disruptions.