J.P. Morgan has revised its oil price target for 2026, with the bank expecting Brent crude to average roughly the high‑$50s to $60 a barrel in 2026. The move follows a shift from its previous estimate of 2025 to about $66 a barrel. The bank also reduced its longer-term Brent estimate to only the high-$50s and low-cost, low-debt majors and service firms with long‑term contracts. The Global Research team projects that world oil demand will keep growing but not fast enough to absorb all the barrels coming online from OPEC+ countries. The team also warns that without aggressive OPEC+ action, Brent could spend stretches below $60 through 2026–27 as a surplus approaching 3 million barrels per day builds. However, the bank acknowledges that geopolitics can still influence the price.